Mining tops private investment

Mining tops private investment

(KPL) So far this fiscal year, the government has approved 586 projects with a combined investment of USD4.4 billion, including 44 % in mining sector, 12.9 % in agriculture and 11.2 % in service, the Second Nationwide Meeting on the Promotion and Management of Private Investment, held yesterday, was told.

Industry and handicraft sector shares only 9.5 % and hydropower sector does 7.5 % of the private investment in the first half of this fiscal year, according to Minister of Planning and Investment Somdy Douangdy.

"Over the past five years, the private investment went mainly to mining and service sectors but their investment in agriculture and industry sector was trivial," Minister of Planning and Investment Somdy Douangdy.

The two day meeting, held at the International Cooperation and Training Centre, Vientiane, saw the participation of over 250 senior officials of the Planning and Investment sector across the country.

At the meeting, the participants were informed of and discussed the management of private investment across the country and the preparation for the amendment of the investment promotion law.

"The investment plays a crucial role in contributing to the social economic development in the Lao PDR. It shares the largest portion of the state treasury and job employment," said Somdy.

Since 1988, the investment by private enterprises has been estimated at 24.4 billion US dollars in 4,470 projects, including 23.5 per cent operated by domestic private companies, according to Deputy Minister of Planning and Investment Bounthavy Sisouphanthong.

"To ensure the increase of private investment by 50-56 per cent, we need to ensure the improvement of laws and regulations on the investment," said Mr. Bounthavy.

kplnet.net