Borikhamxay expects to achieve economic development plan
Borikhamxay expects to achieve economic development plan
Borikhamxay province anticipates approving a total of 232 investment and development projects worth about 98.41 billion kip (US$12.3 billion) for both state and private investors this fiscal year.
The 232 project approvals are to ensure the province meets the goals of its social economic development plan for this fiscal year.
So far the province has approved 64 projects valued at about 51.53 billion kip for both local and foreign investors, according to a provincial report recently.
The 51.53 billion kip amounted to about 52.36 percent of the total investment value in this fiscal year's plan, the report noted.
The approvals also include project construction concession agreements, reservoir developments and management contracts plus island development project agreements.
The other investments are mainly in infrastructure development projects because the province anticipates having more facilities for the production and transportation of goods promoting trade and services to ensure the province has continuous economic growth.
Currently the road network provides access to all districts and over 90 percent of people have electricity. The province has seen remarkable progress in socio-economic development with new roads, bridges and other facilities, contributing to the improvement of people's livelihoods.
The province also has tax exemptions on the duty of imported machinery, raw materials, equipment, crop species and animal feed to be used in projects valued at about 9 trillion kip (US$1.12 billion).
Borikhamxay also got official development assistance (ODA) for 40 projects, mainly for the social and cultural sector, with a value of 116.56 billion kip (US$14.57 million). So far about 44 billion kip (US$5.5 million) has been used.
The province also promotes the agricultural sector, including the production of crops and livestock, plus processing industries for export.
This production sector has placed a higher importance on the role of attracting investment from both local and foreign investors which has increasingly helped to bring in large amounts of income for the province.
So far this fiscal year the province has contributed about 160.58 billion kip of income to national revenue, which is about a 29.49 percent increase from the same period last year.
Expenditure was about 115.81 billion kip, around a 45.58 percent decrease from the same period last year.
Borikhamxay is being transformed into another economic hub in the northern and middle parts of Laos following the improvement of its road network, linking the province with other regions of the nation and neighbouring countries.
It was established in 1984 by taking districts from surrounding provinces to form the new province with a population of more than 100,000 people.
Today the province has seven districts including Pakxan, Thaphabath, Pakkading, Borikhan, Khamkeuth, Viengthong and Xaychamphone and a population of 264,000 people. The income per capita is now about US$1,533.
vientiane times
