Quang Nam holds conference promoting investment

10:05 | 27/03/2017 Economy

The central province of Quang Nam held a conference on March 26, calling for investments in the automobile support industry, garment-textile, and entertainment services in coastal areas, hi-tech agriculture, and the pharmaceutical industry.

PM Nguyen Xuan Phuc (standing, centre) and delegates witness the signing of cooperation agreements for Quang Nam at the conference (Credit: VGP)

Addressing the event, Prime Minister Nguyen Xuan Phuc said Quang Nam has its own natural advantages to attract investors, such as favourable geography, rich forest and marine resources, and good infrastructure.

In recent times, the province has successfully attracted 4.5 million tourists per year, nearly 70% of which are foreigners. The figure could be ten or fifteen times higher if the locality works to promote tourism and build its brand name, he said.

He evaluated that the local business environment has become more attractive and ranked highly in the country’s list of leading provinces.

The PM asked local authorities to put forth more policies to draw large and highly-competitive businesses.

To obtain sustainable development, Quang Nam needs to diversify its budget collection, arrange population appropriately, and improve the efficiency of infrastructure investments, while making effective use of rivers, and forming long-term vision and planning schemes, he suggested.

Additionally, the province should improve infrastructure quality so as to connect with other neighbours, such as Da Nang and Quang Ngai, he said.

He and other officials witnessed the handing-over of investment certificates and decisions as well as banks’ investment credit pledges to projects, totalling around US$15.8 billion.

The same day, the PM attended a ceremony to launch the public administrative and investment promotion centre in Quang Nam, the second of its kind nationwide, after the successful trial of a similar centre in the northern province of Quang Ninh.

He later participated in a ceremony to kick-start the construction of the THACO-Mazda automobile manufacturing plant at Chu Lai Open Economic Zone in Nui Thanh district.

The project, worth VND12 trillion (equivalent to US$520 million) is expected to be put into operation in April 2018 with a designed capacity of 100,000 cars per year.

The PM said the Government will create favourable conditions to develop the automobile support industry.

He also took part in a ceremony to commence the building of a Vinpearl tourism resort complex in Thang Binh district.

Quang Nam has so far attracted 126 foreign direct investment (FDI) projects capitalised at nearly US$5.5 billion. In 2016, the province granted new investment licenses to 17 FDI projects worth around US$122.8 million.