Laos' special economic zones attract over US$520mil investment in 2023

VIENTIANE (Xinhua): A total of 178 companies have invested in Special Economic Zones (SEZs) across Laos, with a total investment of more than US$520 million and a registered capital of more than US$178 million.

The investors included 127 companies that invested in the services sector, 18 in the industrial sector, 30 in the trade sector, and three in the agricultural sector, according to a Laopattana report on Wednesday.

There are also more than 2,645 shops and enterprises that have invested in SEZs. These units provided annual revenues of about 7 million dollars to the Lao government and employed 3,644 workers, including 72 foreign workers.

In 2023, the companies within SEZs imported materials and machinery worth about US$1.7 billion, and their exports were valued at US$302 million.

In November 2023, the Lao government and the private sector convened for a meeting to discuss collaboration to improve the business environment and increase private sector investment in the country.

At the meeting, Lao Deputy Minister of Industry and Commerce Bounthueng Douangsavanh emphasized the importance of improving the business environment to create favorable conditions to overcome current macroeconomic challenges. - Xinhua