Local firm plans big farm investment
Local firm plans big farm investment
Major construction firm, Khamphaysana Construction Group, has announced plans to develop a landmark multi-farm project in Laos to produce food for the domestic market.
Last week Vientiane Planning and Investment Department granted the company a land concession of 500 hectares in Elay, Naxaithong district to develop the agriculture project.
The department's Acting Director, Mr Bounleuam Duangngern and Khamphaysana Construction Group Director, Mr Khamphay Somxana signed the concession agreement at La nexang Hotel in Vientiane.
Vientiane is currently importing some produce from neighbouring countries in a bid to meet demand for agricultural produce which has experienced rapid growth in recent years due to an influx of local and foreign migrants.
Khamphaysana Construction Group will spend at least 1 billion kip on the project, which will raise livestock and grow organic vegetables for sale in Vientiane to tackle the rising demand.
The project also aims to produce livestock and agricultural produces for export to foreign markets including China and Japan.
The company envisages the project will create employment opportunities for local people.
The government has policy to promote agricultural business as one of the measures to diversify Laos' economic base.
Recently a number of foreign investors from countries including Kuwait and China have expressed interest in the country's agriculture sector with its abundance of fertilized lands and optimal climate for farming.
vientiane times
