Investors eye Tibet's untapped wealth

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

Investors eye Tibet's untapped wealth

With rich natural resources, a unique folk culture and improving investment environment, China's Tibet Autonomous Region has drawn the attention of a growing number of investors from home and abroad.

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With rich natural resources, a unique folk culture and improving investment environment, China's Tibet Autonomous Region has drawn the attention of a growing number of investors from home and abroad.

The autonomous region absorbed more than 2 billion yuan (241 million US dollars) in contractual investment in the first 11 months of this year, and used over 400 million yuan (48.36 millionUS dollars), according to statistics from the regional investment bureau.

The region approved 11 foreign-financed enterprises and contractual foreign investment reached 8.68 million US dollars, a year-on-year rise of 89 percent.

Tibet used 4.67 million US dollars of investment from overseas during the same period, up 59 percent over last year. Foreign investment expanded into food processing, tourism-related services,catering and recreation, textiles and transportation.

The central government and other provinces and autonomous regions of China have invested approximately 90 billion yuan (10.88 billion US dollars) in infrastructure construction over the past decade to boosting local economy and improve local investmentenvironment.

The region has adopted a series of preferential policies and simplified procedures for overseas investors.

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