Representatives from a South Korean company visited Laos recently to discuss their investment in the US$2-billion Lao Resort Complex located in the Km 62 area of Vientiane province.
The 99-year joint-venture project is set to cover an area of 1,200 hectares under the management of the Ministry of Public Security.
Under an agreement signed between the two sides, the ministry will hold a 20 percent share of the project and the rest will belong to the South Korean company, known as the Oriental Pearl Company Limited.
Chief of the General Logistics Department, Brigadier General Khamtay Khamphengpheth, met with the company’s Vice President, Mr. Charles Noh, to discuss the project.
The ministry representative told the company about the progress made in carrying out the project as well as the necessary procedures in requesting government approval.
The ministry has submitted a project proposal to the government for consideration. If the government approves the project, it will be one of several mega projects underway in Laos. After the meeting, both sides visited the project site, which will be developed into a township. The initiative could help to boost economic growth and generate job opportunities for local people.
A Memorandum of Understanding (MOU) for the project was signed in Vientiane in February this year between the Oriental Pearl Company Limited and the Ministry of Public Security.
The MOU authorised the two sides to carry out a project survey and design, considered to be essential aspects of the scheme.
Source: Vientiane Times