A Korean company will invest US$15 million in the construction of a new trade centre on 5.5 ha at Nong Chanh area, Nong Chanh village, Sisatthanark district, Vientiane Capital.
The Korean Taekwondo Industry Federation signed a memorandum of understanding with the Lao Government on 5 August at the Donchanh Palace, Vientiane Capital.
The company will conduct a feasibility study, design and develop a master plan for Nong Chanh north, and it will write an economic analysis and the evaluation of environment and social impact in order to develop an infrastructure system.
Under the MoU, the Government has granted a 50-year lease of Nong Chanh area to the South Korean company. The construction of the complex will take 54 months.
The MOU was signed by the Director of the Planning and Investment Department, Dr. Bounphone Sisoulath, Chief of Sisattanark district, Mr. Oudone Saimountry, and the Chairman of Korean Taekwondo Industry Federation, Mr. Na Hyun Duk and its director Mr. Pak Kye Hee in the witnesses of Deputy Vientiane Mayor Dr. Anouphab Tounalom and officials concerned./.