Savan city project will draw investment in SEZ
Savan city project will draw investment in SEZ
The Savan city project will help to attract more domestic and foreign investment into Savan Seno Special Economic Zone (Savan Seno SEZ) in central Laos, especially investment in zone A.
Governor of the Savan Seno SEZ Authority Mr Bouakham Sisoulath recently told local media that the Savan city project is a joint venture between Savan City Co., Ltd and Asean Union Inc, with an estimated US$10 billion being invested in it.
The project comprises a financial centre, entertainment area, banking, hotel and communities for foreigners amongst other facilities.
Savan city plans to develop zone A on an area of 300 hectares, offering a commercial area, offshore financial centre, comprehensive retail facilities, an entertainment complex, duty free shopping and hotels.
Zone D on an area of 118 hectares will include an international school, residences and a hospital.
If the Savan city project is successfully implemented, it will draw large numbers of domestic and foreign investors to the zone, with zone A being more extensively developed than the others.
“The Savan city project has a strategy plan in accordance with the government's direction for country development and it will not only generate jobs for local people but also generate income for Savannakhet province as well as the national economy,” said Director of the Savan Seno SEZ Authority's Investment Promotion and Legal Affairs Division, Mr Phanomkone Dararassamy.
He explained that Savan Seno SEZ, ideally located next to the border with Thailand and linked by road to Cambodia, Vietnam, Myanmar and, most importantly, China, is positioned to become a trading, industrial and financial hub of Asean.
The zone has exceptional infrastructure facilities, logistics and tax break policies for investors.
Mr Phanomkone said that so far 57 companies have already invested in the zone and these companies have put more than US$200 million into it.
Out of this total, 21 companies have already established factories there, creating more than 1,600 jobs.
vientiane times
