takeover target

Foreign investment in Laos jumps nearly fourfold this year

Posted : Tue, 27 Oct 2009 06:10:35 GMT
By : dpa

Vientiane - Laos has approved foreign investments worth 4.3 billion dollars during the first nine months of this year, almost quadruple 2008's figures, state media reported Tuesday. According to data released by the Ministry of Planning and Investment, the government approved 208 foreign direct investment projects during the first three quarters of 2009, compared with approved projects worth 1.2 billion dollars in all of 2008, the Vientiane Times reported.

Most of the 2009 investment projects were in mining, hydroelectric power, rubber plantations and light industry, such as garment manufacturing and electrical equipment assembly.

Vietnam topped the list of investors in Laos for the second year in a row with proposed investments valued at 1.4 billion dollars.

China ranked second with investments of 932 million dollars, Thailand third with 908 million in proposed projects and South Korea fourth with investments of 774 million, the newspaper said.

Laos' Investment Promotion Department this year streamlined the county's investment procedures to encourage local and foreign investments in the South-East Asian nation.

Under an investment law passed in July, a one-stop service was set up at the Ministry of Planning and Investment allowing investors to submit proposal documents at just one place. Its officials then work with the affected sectors to consider approval of the project.

The legislation also allows foreigners to own property in Laos, providing they have invested more than 300,000 dollars in their projects