|
Committee mulls new special economic zone development strategy
The Lao National Committee for Special Economic Zones met in Vientiane yesterday to review and approve a new working plan on the development of such areas.
The committee's annual meeting was held at the Government Office under the chairmanship of Deputy Prime Minister Somsavat Lengsavad. Ministers, provincial leaders and other senior officials were also in attendance.
Mr Somsavat, who chairs the committee, stressed the importance of economic zone development, saying it will help the government to realise the goals of the new five year socio-economic development plan.
The meeting aimed to review and approve a new plan on the establishment and development of special and specific economic zones in Laos, one of the government's measures to attract foreign investment and create more job opportunities in Laos.
Also on the agenda was the special and specific economic zone development strategy for 2011 to 2020, which will be submitted to the Prime Minister for approval.
The Lao National Committee for Special Economic Zones will meet with local and international investors, diplomats and representatives of the Lao National Chamber of Commerce and Industry in Vientiane today.
The meeting between government officials and private investors aims to update local and international business operators on the latest policies on the development of special and specific economic zones, and to seek comments from the private sector on how to facilitate private investment in zone development.
The government has approved the establishment of several special and specific economic zones in recent years. However, development has been slow due to a lack of state funding to install infrastructure in these zones.
The government has opened the door for local and international businesses to develop special and specific economic zones, hoping to bring in investment funding and technology to accelerate the installation of essential infrastructure, which is crucial to attracting business.
So far, the state-owned Savan-Xeno special economic zone has been set up, along with two privately operated special economic zones - Boten and Golden Triangle - in Luang Namtha and Bokeo provinces respectively. The government has also approved the establishment of the Phoukiew special economic zone in Khammuan province and plans to build more zones in former revolutionary strongholds.
The government believes that setting up economic zones in remote parts of the country will help to boost investment in these areas. At present, most investors are only interested in urban areas where they have easy access to markets.
Incentives have been introduced to draw businesses to special economic zones, including quotas for duty-free imported fuel and vehicles. Zone developers can also set the fees they charge businesses wishing to open a facility in the zone.
vientiane times
|
