SIP Approved to Undertake Overseas Project in Laos

China National Development and Reform Commission announced official approval on Dec. 28 for SIP Overseas Investment Co., Ltd. to participate in the joint-venture construction project of Vientiane Special Economic Zone of Laos.

The approval was announced on the website of National Development and Reform Commission. In the said project, which is supported by the governments of China and Laos, SIP Overseas Investment Co., Ltd. will apply its rich experience in planning, construction, management and investment promotion in SIP to promote the economic development of Vientiane Special Economic Zone.

SIP is a major cooperation project between the governments of China and Singapore, and since its founding in 1994, it has become a pioneer in the clustering of advanced industries and foreign investment, and in the system of innovation.

Over the past 13 years, the 188-km2 SIP has generated a total of RMB 70 billion in tax revenues and created 450,000 jobs, and is estimated to achieve a total of RMB 84 billion GDP in 2007, which is 70 times increase than the early years of development. Total contracted investment in SIP has amounted to US$ 31.3 billion and the paid-up capital to US$ 13.5 billion, with a registered capital of US$ 110 billion. The hi-tech industrial output value makes up over 60% in SIP, and initial industrial clusters have been formed in the fields of IC, optical electronics, software and service, bio-pharmaceutical, nanotech, new material, new energy, and other hi-tech industries.

Dec. 28, 2007