Laos, Cambodia and Vietnam to facilitate border trade
Laos, Cambodia and Vietnam to facilitate border trade
Laos, Cambodia and Vietnam are developing a legal framework to boost investment and trade in their border areas as part of efforts to turn one of the poorest areas of the country into a new economic and commercial hub in the region.
Senior officials from the three nations met in the southern province of Champassak this week to discuss a proposed international agreement, which aims to promote investment in the Triangle Development Area, which covers 13 border provinces of the three nations.
The Lao provinces of Champassak, Xekong, Attapeu and Saravan are part of this development area.
The Lao government hopes that investment and trade will see rapid growth in these provinces. The border areas will be transformed into one of the d eveloping economic regions in the country.
According to a press release from the Ministry of Foreign Affairs, Champassak Deputy Governor Mr Somsanith Boutivong delivered a speech to open the two day-meeting held in Pakxe district from September 23-24.
About 70 trade officials from the three nations attended the meeting. The agreed draft is expected to be revie wed and approved by leaders from the three nations in the near future.
The meeting was a part of efforts to implement the joint declaration of the three countries, which was adopted at a summit held in Vientiane.
Lao trade officials said that the three nations are looking for better incentives to attract investment to the Triangle Development Area, which covers a total area of 44,000 square kilometres.
They said investment in infrastructure along the border areas is also needed to facilitate transportation of goods and tourist exchange.
Champassak is active in promoting local and foreign investment as part of efforts to attract development to the Triangle Development Area.
The government has now established a special economic zone in the province. Earlier this month, a Lao Service Specific Economic Zone (SEZ), which is set to be located within the Special Economic Zone of Champassak province, was granted approval.
This investment project has an expected total investment of US$100 million (more than 800 billion kip) and a land concession period of 50 years.
The company, which has gained the investment concession from the government, will allocate and develop the area into an industrial park which will include the construction of complex infrastructure to facilitate investment in the light and heavy industrial sectors as well as relevant service businesses.
The Laos-Cambodia-Vietnam Development Triangle Area was initiated in 1999 and officially established in 2004.
The three nations hope that the establishment of the development zones and introduction of the investment incentives and trade facilitation will transform one of the poorest regions into a new economic and commercial hub.
