Investors cast an eye on Tibet

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Last updated at: (Beijing Time) Tuesday, September 30, 2003

Investors cast an eye on Tibet

Tibet seems to have grown into an ideal place for domestic and overseas investors.

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Tibet seems to have grown into an ideal place for domestic and overseas investors.

Mr. Lin from Hong Kong has recently decided to invest in tourism in Tibet within this year after half year's inspection of the region.

In recent years, domestic and overseas businessmen like Mr. Lin have developed great interest in Tibet.

In the mid-1990s, Johannes opened a plant making traditional Tibetan handicrafts and a hotel at Barkor Street, Lhasa. He recalled that he had misgivings at first, so he invested only a small amount of money, but later he found foreign investment was warmly welcomed in Lhasa and was given very favorable policies by the city government. " As the investment environment is getting better and better here, I am considering long-term investment here." He said. Lhasa has become home to his whole family now.

According to Dobgyai, deputy director of the Merchants' Bureau under the Development Planning Commission of Tibet Autonomous Region, from 2001 till now, 14 foreign-funded businesses have been newly approved and set up in Tibet, with contracted foreign capital valued at nearly US$4.31 million and paid-in foreign funds of US$2.16 million. In the first half of this year, Tibet received 50 batches of clients and signed agreements on some cooperative projects with them. The investors include SUCCESS and another one from Canada, Garnica from Spain and clients from Xinjiang, Sichuan and other regions. By the end of June, funds given gratis by EU to the ecological project in Qamdo Prefecture, Tibet, had all been in place; The quick-growing poplar project, jointly undertaken by Spain's Garnica Company and Tibet's Tianrun Company, is progressing smoothly. Presently, foreign investments in Tibet come mainly from Nepal, Japan, the United States, Britain, the Republic of Korea (ROK) and some other countries, as well as the region of Hong Kong, covering various industries such as manufacturing, tourism, hotel, catering, construction, real estate and transportation. The investment is concentrated mainly in Lhasa. There are four foreign-funded enterprises in Xigaza, three in Nyingchi, and one in Qamdo.

Dobgyai added that implementation of the strategy for the development of China's western region and the preferential policies offered by Tibet Autonomous Region are the main factors for attracting more and more foreign investment.

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