China slowdown affects Phongsaly investment
Private sector investment in Phongsaly province in the far north of Laos has witnessed a slowdown since the economic setback in China driving down the prices of several products. The decline in global demand, particularly in China has discouraged entrepreneurs from that country coming to Laos and operating businesses here. Director of the Provincial Department of Planning and Investment Mr Khamlek Chay-isane told Vientiane Times on Sunday the investment sector is mainly driven by hydropower and commercial agriculture production. In the first quarter of this year, some 97 investment projects have been carried out by domestic and foreign entrepreneurs valued at US$277 million. In addition, the government has approved 144 State investment projects to be carried out in the province worth 61 billion kip. All these projects should contribute to driving provincial economic growth this year.
