Singkham

(KPL) The government has approved the development of a Champassak-Lao Service Industry Park in Champassak with the purpose of facilitating economic growth and attracting more foreign direct investment.

An agreement on the development of the Champassak-Lao Service Industry Park was signed on 29 August in Champassak Province between Champassak Governor, Dr Bounthong Divixay, representing the government, and President of Lao Service Incorporation., Ltd, Mr Xayxanz Samingvongsa.

Witnessing the signing ceremony were Deputy Prime Minister Somsavat Lengsavad, who is in charge of economic affairs and specifically, production and goods circulation, Head of the Government Office Sonexay Siphandone, Vice President of the Lao National Committee for Special Economic Zones Bounpheng Mounphosay, and relevant officials of both sides.

The objective of the park’s development is to facilitate and attract more direct investment of both domestic and foreign companies to establish and operate production facilities, businesses and services for both domestic and export markets.

The development of the Champassak-Lao Service Industry Park is expected to boost local employment.

The park, which stands on a total area of 800 hectares, is located at Pakse district, Champassack Province.

It is estimated that the development of the park, which is on a 50 year concession, will cost about US$100 million.

The development of the park is not only to facilitate investment but also to boost development and reduce poverty in rural areas creating favourable conditions for industrialization and modernization of the province and country.

KPL