Malaysian minister praises Dongphosy SEZ as cooperation example
Malaysian minister praises Dongphosy SEZ as cooperation example
Minister of International Trade and Industry of Malaysia Dato' Sri Mustapa Mohamed has praised the Dongphosy Specific Economic Zone (DSEZ), developed and operated by Malaysian investors, as an exemplary cooperation project between Laos and Malaysia.
The minister made his first tour to the 53 hectare duty free retail and trade -commercial zone in Hadxaifong district, Vientiane on August 2 during his visit to Laos to attend the 48th Asean Economic Ministers' Meeting and its related meetings in Vientiane.
He was accompanied by Malaysian Ambassador to Laos Dato' Than Tai Hing and representatives of the Vientiane Department of Industry and Commerce.
Mr Damien Lim, Chief Executive Officer (CEO) of UPL Lao Co. Ltd – the developer and operator of the DSEZ delivered a brief about the development of the zone and led the delegation to tour the showroom.
The CEO told the minister and his delegates that the DSEZ is a key government and private sector business initiative to create a modern shopping and trade destination to cater for international tourists and Lao people.
The minister's visit to the zone, which is located near the first Lao-Thai Friendship Bridge, commemorates the opening of the UPL Lao Co. Ltd Shophouse show units as well as to witness the progress of the infrastructure development and construction progress at the DSEZ.
The Chairperson of the Dongphosy Specific Economic Executive Board, Mr Soubahn Chounraxa was present to also promote Malaysians to invest in the DSEZ.
Mr Soubahn told the minister that the zone offers many tax incentives at the disposal of the future investors.
He highlighted the Lao Government's commitment to create an attractive business ecosystem in the DSEZ which includes financial incentives and modernised policies for foreign business ownership and ease of doing business.
The DSEZ is an Iconic Retail Duty Free Destination in Vientiane and will feature many new and modern facilities in Laos, including a hybrid hypermarket and do-It-yourself centre, specialist hospital and medical hub, international standard business park, high end residential units, mixed-use integrated resort and the largest al-fresco retail shophouse complex in Laos.
Mr Dato' Sri Mustapa Mohamed was impressed by the development and strategic location of the DSEZ, most notably being the junction of the planned Vientiane-Kunming highspeed train station, first Lao Thai Friendship Bridge and the Vientiane Logistics Park and Container Yard.
In his speech, Mr Dato' Sri Mustapa Mohamed commented that the DSEZ is an exemplary project in strengthening the Lao-Malaysian business relationship and making Malaysia proud by developing a modern and successful micro-city in Laos.
The Honourable Minister further added that he is pleased with the support and cooperation between EXIM Bank Malaysia and the banks of the Lao PDR to make the DSEZ a success.
Also present during the event were the international construction and quality assurance partners of UPL Lao Co. Ltd.
The Honourable Minister was given a detailed presentation of international standards including high quality construction, modern IT and communications amenities and good management practices that will be employed by these partners.
The minister's visit to the DSEZ is a follow up to his meeting with the Lao Minister of Industry and Commerce, Ms Khemmani Pholsena, when both sides agreed on the need for both countries to boost cooperation in trade and investment by encouraging businesses to carry out joint development endeavours.
The Honourable Minister further added that he is committed to strengthening the Lao and Malaysian business relationship; promoting the DSEZ as an investment destination and garnering Malaysian businesses to establish themselves in Laos.
