Laos has signed an agreement with a South Korean company giving it a concession for the use of a 1,200-hectare plot of land to build a resort worth USD 2.9 billion.
Acting Director General of the General Logistics Department, Police Brigadier General Mr. Thongsouk Yaeulaoly and the company’s President Mr. Jeong Taejin, signed an agreement to start the construction of the Resort Lao complex which is located in the Km 62 area of Vientiane province’s Phonhong District.
The signing ceremony took place in the district and saw participation from Deputy Minister of Public Security Police General, Mr. Kongthong Phongvichith and the Oriental Pearl Company’s Chairman Mr. Kim Won Pyo, along with other officials from the ministry and the company.
The Deputy Director General of the General Logistics Department, Police Brigadier General Mr. Nouchone Konethongdam, informed during the ceremony that the Korean company submitted a proposal to the ministry in 2015. They wished to embark on the ambitious project to transform the area into a tourist attraction town and create economic growth for the country and job opportunities for locals.
The two parties signed a Memorandum of Understanding (MOU) for the project in February 2016, allowing both nations to begin research on its feasibility. They also sought permission from the government to use 500 hectares of the land for initial construction development as part of the study.
On completion of the feasibility study, the project received permission from the government to proceed with construction.
