Savannakhet province: new industrial zone and trade Centre established
ASEAN AFFAIRS, May 23
(KPL) The MOU signing ceremony between Savan-SENO special economic zone
authority and Pacifica Streams Development Sdn Bhd of Malaysia was held on
18 May in Vientiane to study and develop the industrial zone and new trade
center in Savannakhet province.
Mr Bouakham Sisurath, acting head of Savan-SENO special economic zone and
General Director of Pacifica Streams Development Sdn Bhd of Malaysia
signed the MoU, while Mr Somsavat Lengsavad, Deputy Prime Minister and
senior officials from two sides attended at the function.
The purpose of MOU signing aimed to study and develop the new industrial
zone and trade center with 211 hectare at Oudomvilay village, Kaysone
Phomvihane district in order to attract the direct investment from
domestic and international investors.
It is a joint venture investment, with the government owning a 30 percent
stake and the Malaysian investor 70 percent. The project will also create
approximate 10,000 jobs for local people.
According to the MOU, the project will take four months. it will include
the survey and clearing of the project site, and the design, advertising
and construction of a permanent office.
The industrial zone will house a new business area to attract investors
from both Laos and overseas to invest in light industry and shopping mall.