China Becomes Biggest Investor in Laos
Xinhua News Agency, October 22, 2013 Adjust font size:
China was Laos' largest foreign investor in the first 11 months of the 2012-2013 financial year with over US$1.33 billion worth of projects, Lao state- run news agency reported on Monday.
During the period, Thailand was the second biggest foreign investor with US$416 million, according to Lao Ministry of Planning and Investment (MPI).
The energy sector received most of the investment with US$1.56 billion, followed by mining sector with US$1.09 billion, said the MPI.
The largest energy investment was poured into the construction of the Nam Ngiep 1 hydropower project in Borikhamxay Province with over US$868 million. Building of the dam will start in 2014 with construction expected to be completed by 2019. The dam will have a capacity of 290 megawatts.
The Lao government set a target of 8 percent annual GDP growth rate, which requires investment of at least US$1.7 billion.
