(KPL) The Lao government has signed an agreement with two businessmen to establish the Pakse-Japan Small and Medium Enterprise (SME) Specific Economic Zone in Champassak Province. The agreement was signed in Vientiane on Wednesday between Champassak Governor, Dr Bounthong Divixay on behalf of the Lao government, and President of the Savan TVS Consultant Company, Mr Vannada Phommasthit, on behalf of the developers. Deputy Minister to the Government Office and Vice Chairperson of the National Committee for Special and Specific Economic Zone Management, Ms Bouatha Khattiya and other high-ranking relevant officials signed the agreement as proof that they witnessed the parties signing in the presence of ministers, and domestic and foreign businessmen.

(KPL) The Lao government has signed an agreement with two businessmen to establish the Pakse-Japan Small and Medium Enterprise (SME) Specific Economic Zone in Champassak Province.

The agreement was signed in Vientiane on Wednesday between Champassak Governor, Dr Bounthong Divixay on behalf of the Lao government, and President of the Savan TVS Consultant Company, Mr Vannada Phommasthit, on behalf of the developers.

Deputy Minister to the Government Office and Vice Chairperson of the National Committee for Special and Specific Economic Zone Management, Ms Bouatha Khattiya and other high-ranking relevant officials signed the agreement as proof that they witnessed the parties signing in the presence of ministers, and domestic and foreign businessmen.

The developers, “Saysana Group Ltd and Savan TVS Consultant Ltd” will invest around US$62 million into the development of the Specific Economic Zone on a total area of 195 hectares located in the districts of Pathoumphone and Bachiengchaleunsouk in Champassak Province.

“After the zone is fully completed, it will attract more foreign investors, particularly Japanese businessmen to do businesses for domestic supply and export in the zone,” Dr Bounthong said in an interview with the media.

He continued that the project will stimulate the socio-economic growth and infrastructure development within Champassak Province.

“The development of the Specific Economic Zone will also create permanent jobs for nearby communities,” he said.

“The Pakse-Japan SME Specific Economic Zone will partly stand on the Champassak Specific Economic Zone which has a total area of 1,245 hectares,” Dr Bounthong added.

The development of the above mentioned SME Specific Economic Zone will upgrade the rural area to be a developed focal zone in order to contribute to the national socio-economic construction and development.

The Lao government has granted a 50-year land concession to the developers.

Source: KPL 06/08/2015