MPI records investment value in excess of US$3.04 billion
MPI records investment value in excess of US$3.04 billion
The Ministry of Planning and Investment (MPI) has reported that the value of investment projects processed through the ministry in the first 11 months of last fiscal year (October 2012-August 2013) exceeded that of the previous fiscal year.
The ministry reported on Friday that it accepted 52 investment projects from both local and foreign investors worth more than 23.77 trillion kip (over US$3.04 billion).
“This figure is 5.1 percent higher than the previous fiscal year,” the report noted.
The energy sector received the largest amount of investment at over 12.2 trillion kip (US$1,565 million), followed by the mining sector with over 8.57 trillion kip (US$1,099 million) in 37 projects, while 858 billion kip (US$110 million) was invested in hotels and restaurants.
The largest amount of investment in energy is for construction of the Nam Ngiep 1 hydropower project in Borikhamxay province with more than 6.77 trillion kip (over US$868 million) invested, the report noted.
Work on the project is expected to start next month, beginning with a road upgrade and the building of new section that will form the access road to the construction site in Borikhan district.
Building of the dam will star t next year with construction expected to take five years. The target date is January 2019, and the dam will have a total capacity of 290 megawatts.
The ministry said investment came from 12 countries in fiscal year 2012-13. China invested the largest amount with more than 10.42 trillion kip (US$1,337 million), while Lao businesses invested more than 4.13 trillion kip (US$530 million) and in third place was Thailand with companies sinking more than 3.24 trillion kip (US$416 million) into projects in Laos.
The government is targeting average annual GDP growth of 8 percent. To achieve this, investment amounting to no less than 13.26 trillion kip (US$1,700 million) must be sourced from local and foreign investors.
“The ministry has set the target and must now ensure that an investment value of not less than 12,400 billion kip per year, or 53.2 percent of total investment, is sourced both locally and overseas,” the report noted.
vientiane times
