Osiano Trading is to invest USD 50 million into the construction of the Ban Mom port project in Tonpheung District, Bokeo Province.
The project is a joint venture between domestic and foreign partners highly experienced in construction across the region who have readied equipment, finance, and technical expertise for its development, according to the Vientiane Times.
A groundbreaking ceremony was held on Saturday, attended by Deputy Prime Minister, Dr. Bounthong Chitmany, Bokeo provincial governor Dr. Bouakhong Nammavong, Chairman of the Golden Triangle Special Economic Zone Mr. Zhao Wei, and representatives from the Lao-China Economic and Trade Promotion Association.
It is expected that the project will require nine years to complete development over three phases. This is to include infrastructure, a free trade area, parking, an outdoor and indoor warehouse, a plant and veterinarian quarantine office, a processing industrial zone, a trading center, markets, hotels, resorts, and a petroleum depot with storage tanks.
“During the first stage, the company will start to construct the international port, which will take three years, and then continue with the construction of other facilities along with implementing a feasibility study agreement with the government, especially Bokeo provincial authorities,” said Mr. Khonekham, President of Osiana Trading.
“The aim of the project is to become a sustainable development area following the National Economic Development Plan and National Green Growth Strategy until 2030, and the Investment Promotion Law in Laos,” he added.
Osiano Trading was formed in 2012 under Lao law with a network of business interests covering tourism development and agriculture, road construction and ports, real estate, insurance, and a non-deposit taking microfinance institute.
The Ban Mom port was first announced in 2017, with a Thai firm expected to run the port after its predicted completion in 2018.