Economic growth driving development of construction industry
Economic growth driving development of construction industry
The growth of Special and Specific Economic Zones (SEZs) in Laos has paved the way for the construction of modern urban structures in Laos, according to a Singaporean company.
The developments referred to include the Laos-Myanmar Friendship Bridge across the Mekong, slated for completion in 2015, and multibillion-dollar infrastructure projects such as roads, high-speed railways and hydroelectric dams.
Foreign investment coming mainly from China, Thailand and Vietnam has contributed significantly to the country's remarkable economic growth in recent years, according to a handout from Sphere Exhibits Pte Ltd distributed ahead of a construction industry trade show titled ‘BuildTech Yangon'.
There are many large construction projects in Laos, especially in Vientiane, including Special Economic Zones, apartments, condominiums and offices for rent, shopping centres, golf courses, five star hotels, new urban precincts, and modern car parks.
There are between 700 to 800 investment projects in Vientiane, which are mainly funded by private investment in Specific and Special Economic Zones, general businesses and government land concessions, according to the Vientiane Planning and Investment Department.
Company Chairman Mr Chua Wee Phong noted on the handout that the CLMV countries - Cambodia, Laos, Myanmar and Vietnam - are expected to grow at a robust pace over the medium term until 2018.
“We are seeing greater interest from building and construction industry players to bring the latest technologies and innovative solutions and seek new business partnerships at BuildTech Yangon this year,” he said. BuildTech Yangon, a trade show for the building and construction development sector, will take place in Myanmar from April 2 to 4.
The trade show is a chance for Lao businesses to have a closer look at the current market place, as well as emphasise its position in Myanmar and other countries in the CMLV region, the handout noted.
It will feature the latest construction machinery, and new materials as well as electrical and mechanical equipment from more than 150 companies around the Asia-Pacific region. Companies who are industry leaders in Asean have confirmed their participation.
The trade show is projected to host some 4,000 industry professionals including architects, engineers, surveyors, contractors, developers and investors. The event will have a series of business seminars and networking sessions to foster knowledge-sharing and drive the adoption of building and construction technologies.
It aims to serve construction development with a focus on infrastructure, residential and commercial buildings, transportation, manufacturing and trading.
It is an important platform for the building and construction industry to equip local professionals with the necessary knowledge and training to excel in the field, especially in areas such as high-rise construction.
BuildTech Yangon aims to drive the adoption of new technologies and building materials that will elevate construction industry standards and workforce skills, and hasten the further development of key infrastructure, new homes, factories and satellite towns over the next few years.
