Huaphan hopeful of higher investment
Huaphan hopeful of higher investment
Huaphan province is hoping for an increase in investment in the region this fiscal year despite experiencing a drop in 2012-13 on the previous year.
Local and foreign investor interest in Huaphan has buoyed hopes in the province and authorities plan to improve on their ‘one-stop' investment registration service to boost attractiveness to companies.
The provincial Planning and Investment Department reported yesterday that investment in the province would reach 180.43 billion kip this fiscal year, up 35.26 billion kip on 2012-13.
A department employee said local investors as well as some from China and Vietnam had expressed interest in gypsum mining, livestock breeding and the energy sector in Huaphan, raising expectations for the province.
Of the 180.43 billion kip, 23.4 billion kip will come from 10 concession projects approved by the province: five foreign investment projects worth 11.7 billion kip; two locally-owned projects worth 3.90 billion kip; and three joint-venture projects worth 7.8 billion kip.
The remaining 157.03 billion kip is expected to come from general business, including trades and services, restaurants, guesthouses and hotels, construction, industry and agriculture.
Huaphan's private investment did not reach its target levels last fiscal year and dropped below the levels seen in 2011-12.
Investment in the province reached 248.96 billion kip in 2011-12 and dropped to 145.17 billion kip in last year, 7.42 percent under plan.
The employee said the province had issued and approved fewer licenses in the mining sector last fiscal year and turned its focus to natural resource protection for the sake of environmental preservation.
“Most investors want to invest in the mining sector,” the employee said.
Huaphan had the capacity to develop the agricultural production and livestock breeding sectors last year, however, according to the department, few investors were interested.
Last year's 145.17 billion kip included foreign investment worth 82.58 billion kip, mainly from China and Vietnam, and 62.59 billion kip of locally-owned investment.
One notable foreign investment was a garnet mining concession purchased by a Chinese company for 2.34 billion kip in Kuan and Xamtay districts.
General investment in the province reached 142.77 billion kip, made up of 80.18 billion kip in foreign investment and 62.59 billion kip in local investment.
Trade in forestry products, handicrafts and textiles as well as the construction and services sectors made up most of the general investment.
vientiane times
