Phousy Group to begin developing basic infrastructure in SEZ
Phousy Group to begin developing basic infrastructure in SEZ
Well-known for its Road and Bridge Construction portfolio since 1998, the Phousy group is gearing up to further develop a special economic zone (SEZ) in Luang Prabang province.
The development will be part of a new town being built outside the provincial capital, while ensuring the town's cultural integrity is preserved.
The information was outlined by the President of the Phousy Group Mr Sithong Phommachith when meeting reporters from Vientiane Times and Lao National Television in the province recently.
Mr Sithong said the group will build road access, install electricity and an irrigation system, a garbage collection area and other facilities after completing the project design.
The group will build a bridge across the Mekong River and a detour to ease traffic congestion.
Concerning compensation, the group is expected to complete payment by the end of next year.
People who live in the area, along with visitors, currently use ferries to cross the Mekong to travel the short distance between the town of Luang Prabang and Chomphet district.
The brid ge will facilitate tourism, trade and investment in the province.
Developing the zone is part of our national socio-economic growth after creating more options for investors to do business in the province with better facilities and incentives, Mr Sithong said.
The improvement is also part of the 8th National Socio-economic Development Plan (2016-2020) and will help us to graduate from Least Developed Country status by 2020, he added.
This is one example of how the government is trying to improve life in Laos and create a good environment for local and foreign direct investment.
Based on the contract signed with the government, the group has been granted a 99-year concession on an area of land in Chomphet district across the Mekong River from the provincial capital. All land transactions have been prohibited to prevent land speculation.
Development of the zone on an area of over 4,500 hectares is expected to cost the Phousy Group US$1.2 billion, and will bring the total number of SEZs nationwide to 13.
The zone will be located about 10km outside Luang Prabang town centre with another site in Chomphet district on the other side of the Mekong.
Designed as a new town, the zone will feature a 23-storey building, schools, hospitals, a shopping centre, bank, hotels, restaurants, and residences for older people. Areas for vegetable gardens are also planned.
A one-stop operating service will be introduced for businesses in the zone to ensure transparency and accountability and to facilitate development.
When the development is complete, Mr Sithong said he strongly believes it will help to boost economic growth in the province and generate job opportunities for local people.
The zone will not only serve as a driver of economic growth, but will also spur development in other areas.
SEZs are forms of economic development that identify specific locations to attract both domestic and foreign investors by offering tax and duty incentives in order to promote infrastructure development, services, production, skill development and the transfer of modern technology.
The Phousy Group has more than 20 years experience of business operations in Laos.
In 2005, the company expanded and diversified its investment portfolio under the visionary leadership of its president, Mr Sithong. The company has grown rapidly in recent years and now has assets totalling over US$400 million.
The group comprises Phousy Luang Prabang Construction and Bridge Construction Company, Meung Ngoi Mining Ltd, Phonthong Mining, Import-Export Company in Singapore, Phousy Lao Petroleum Ltd, and a hotel business and a hydropower dam, around which companies will soon be created.
For more information please contact: info@phousy.com or www:phousy.com
