The Duangdy Construction Company will invest 2 trillion kip (over US$246 million) in the development of the Vangtao-Phonthong Special Economic Zone on a land concession of 99 years.

The signing ceremony was held in Vientiane Capital on May 12 between Head of the Secretariat of the National Committee for Special and Specific Economic Zones, Mrs Bouatha Khattiya and Deputy Director of the Duangdy Construction Company, Mr Soutlit Keoduangdy in the witnesses of Deputy Prime Minister, Mr Sonesay Siphandone, Champassak Governor Mr Bounthong Divisay, concern parties and relevant officials.

Deputy Director of the National Committee for Special and Specific Economic Zones, Mr Kuengkham Keonouchanh said that the objective of the signing ceremony is to upgrade the remote and rural area as a focal development area under the policy and mechanism of the National Committee for Special and Specific Economic Zones and the Party’s breakthrough work in the new period. This is determined in the legalisation to develop the Special and Specific Economic Zone and in response to the shift to modern industrialization which is operated by an electronic system to control and guarantee transparency.

This project will use US$250 million or 2 trillion kip to develop the land concession of 253 ha, located near the Vangtao-Chongmex international border crossing checkpoint in Phonthong district, Champassak Province.

This project is a joint venture with the government sharing 30% and the Duangdy Construction Company sharing 70%.

The area will be developed as an economic zone to facilitate domestic and foreign investments that intend to invest in a trade centre, a duty free shop, border cross markets, a tourism site, hotels, warehouses, banking or financial institutes, and factories manufacturing for export, said Mr Kuengkham.

Source:
courtesy of KPL NEWS AGENCY

by Vinnaly

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