Malaysian firm to develop economic zone in Laos

A Malaysian company, Universal Pacific Ltd, has been given a 50-year concession by the Laos government to develop a special economic zone near the newly-completed Laos-Thai railway line across the Mekong River.

Malaysian and Laos officials in Vientiane said the company was expected to allocate US$50 million (RM175 million) to develop the 53-hectare zone located in Dongphosy at the Laos-Thai Friendship Bridge.

According to a Vientiane Times daily, the agreement was signed last Saturday by Vientiane Department of Industry and Commerce director Berlinh Phetchantharath and Universal Pacific chairmanTerence Lai.

The company is expected to undertake a mixed development project over a period of 10 years, comprising 3-star hotels, a shopping mall, hospital, bank, public park, duty free market, spa and sports facilities.

By Bernama