Laos permits Chinese firm to develop new economic zone
The Government of Laos has permitted a Hong Kong-based enterprise and a local private firm to invest 9 billion USD in developing a new economic zone near its shared border with Cambodia for a period of 50 years.
Khone Phapheng Falls, a series of cascading waterfalls on the Mekong River in Khong district of southwestern Laos' Champasak province, is one of the sountry's most beautiful natural attractions (Source: Wikimedia Commons)
Vientiane (VNA) – The Government of Laos has permitteda Hong Kong-based enterprise and a local private firm to invest 9 billion USD indeveloping a new economic zone near its shared border with Cambodia for aperiod of 50 years.
The Mahanathy Siphandone economic zone is located inKhong district of the southwestern province of Champassak, covering an area of9,840 hectares.
Minister of Planning and Investment Suphan Keomixay, onthe behalf of the Government of Laos, inked a memorandum of understanding onthe project with the Laos Mahanathi Siphandone Investment Co. Ltd. from HongKong and a Lao bridge, road, and irrigation project constructor in Vientiane onJune 30. Present at the event was Deputy Prime Minister Sonexay Siphandone.
The project will focus on real estate development,specifically the construction of several hotels and casinos.
The development of the super project had been proposedyears before it was approved by the Government in 2009. At that time, manylocal and international companies had shown their interest in surveying andconducting a feasibility study of the project, but all failed due to a lack offunding and experience.
Last year, China’s GuangDong Yellow River IndustrialGroup and the Lao company were selected to jointly study the project’sfeasibility which later showed that the project would not only bring economicbenefits to the country, but also ensure the rights of local people, investors,and the Government. -VNA
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Khone Phapheng Falls, a series of cascading waterfalls on the Mekong River in Khong district of southwestern Laos' Champasak province, is one of the sountry's most beautiful natural attractions (Source: Wikimedia Commons) 
