More money ploughed into Oudomxay agriculture
More money ploughed into Oudomxay agriculture
Investment in agriculture remains popular among local and foreign businesses running operations in Oudomxay province.
A senior official at the provincial Planning and Investment Department recently said investors are mainly interested in commercial agriculture.
“Over the past few years, many projects have been started by private investors in the field of agriculture, mainly for export,” a senior provincial investment promotion official said.
Acting Head of the Investment Promotion Division under Oudomxay province's Planning and Investment Department, Mr Bounchan Laocheubeng, said recently provincial authorities had approved 110 new investment projects.
All of these are owned by local and foreign investors and are worth over US$339.8 million (2.7 trillion kip), not counting investment activities approved by the Industry and Commerce Department.
“That is one reason why the authorities are trying to promote investment in agricultural production. At the same time, the promotion of crop processing is also being widely carried out to increase the value of crops,” Mr Bounchan said.
Local private investors currently own 36 investment projects worth over US$148.6 million, with 63 projects being operated by foreign investors worth US$167.2 million.
Meanwhile 11 investment projects are being run by joint ventures and are worth over US$83.90 million.
Oudomxay province is not only well recognised for agricultural investment but also for its energy and mining potential. Tourism and services are also listed in the province's five year economic development plan. Over the past five years, provincial authorities have attracted domestic and foreign investment worth almost 3 trillion kip.
Oudomxay province boasts plentiful land for maize, soybeans and other commercial crops, which are mainly exported to China.
The main crop in the province is rice while other important crops grown are vegetables, fruit, cassava, coffee, sugarcane, tea and peanuts.
Livestock is also an important component of rural livelihoods, with water buffaloes, pigs, cattle and poultry being the principle animals reared.
According to the authorities, over 40,000 hectares of land are being cultivated in Oudomxay province.
In the five year plan for provincial economic development, the province also plans to improve its infrastructure to pave the way for better access to tourism and services.
At the same time investment in hydroelectricity and mining will be encouraged alongside other sectors, according to provincial authorities.
