VIENTIANE: Prime Minister Sonexay Siphandone has called for tighter oversight and more sustainable development of the Golden Triangle Special Economic Zone (GTSEZ), where investments have reached around US$10 billion since 2007.
He made the call on Tuesday (Aug 18) during a working visit to the Zone, located in Tonpheung district, Bokeo province, when he provided guidance on improving management, promoting investment, and overall economic development.
Established in 2007, the Zone covers 10,000 hectares, including 3,000 hectares designated for commercial use and 7,000 hectares for forested areas.
Over the past 19 years, companies have set up businesses in manufacturing, real estate, housing, hotels, trade, banking, tourism, services and other fields.
However, only 60 per cent of the activities specified in contracts has been achieved to date, highlighting the need for stronger management and more effective development.
Dr Sonexay urged those present to improve the investment environment and services through the one-stop-service system, and to encourage investment in sectors capable of supporting sustainable and expanding economic growth.
He identified tourism, manufacturing, processing, transport, education and public health as the sectors in need of greater attention.
Dr Sonexay called for stricter enforcement of the Law on Enterprises and urged all transactions relating to trade, investment, wages, services and other operations to be conducted through the Lao banking system.
He instructed authorities to more closely regulate entry and exit at the Zone, improve the Zone’s concession agreement in line with the relevant legislation, and enhance the effectiveness of the Zone’s Management and Administration Committee.
He also called for greater cooperation with neighbouring countries, including more airline links and mechanisms to effectively manage workers coming from nearby countries.
Dr Sonexay further urged the Zone’s developers to attract more tourists and investors and maintain a vibrant environment that supports continued economic activity.
The Golden Triangle SEZ currently has more than 10,000 registered workers, while more than 10,000 investors, business operators, residents and tourists are also present.
More than 400 government officials from various sectors are working at the Golden Triangle SEZ, according to a report from the Prime Minister’s Office.
The Zone is located on the banks of the Mekong River in the Golden Triangle area where Laos, Myanmar and Thailand meet, and is also close to the Chinese border.
Its strategic location gives investors access to large consumer and labour markets in neighbouring countries. - Vientiane Times/ANN
