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Overseas investment in Tibet increasing (09/16/03)
2003/12/24

Improving investment environment has attracted increasing overseas capital to the Tibet Autonomous Region in southwestChina, an official said inLhasa,Tibeton Sep.16.

Tibet has approved 14 joint ventures with contractual overseas investment amounting to 4.31 million US dollars since 2001, with 2.16 million US dollars of it already materialized, said Dopuje, deputy head of the investment promotion bureau with the regional development and reform commission.

Back in the five years between 1996 and 2000, the figures were 130, 165.4 million US dollars, and 39.38 million US dollars.

In the first half of this year,Tibetreceived 50 business delegations from other Chinese regions and overseas, and signed contracts on cooperation.

Funds provided the European Union for ecological projects in Qamdo (Changdu) Prefecture had been paid in by late June this year, and the Spanish company, Garnica, has been satisfied with its cooperation with a Tibetan firm in launching a fast growing poplar project in this remote Chinese plateau region, said Dopuje.

Overseas investment inTibetcomes mainly fromNepal,Japan, theUnited States,Britain, and theRepublicofKorea, and is mostly concentrated inLhasa, the regional capital, covering fields including manufacturing, tourism, catering, construction, real estate and transportation.

Dopuje attributed the growing overseas investment toChina's campaign to open up the vast western regions and a range of preferential policiesTibethas introduced for investors.

The regional government revoked more than 60 articles ofregulations that restricted economic development, and improved the investment environment by simplifying approval procedures in 2001, said the official.

A businessman fromHong Kong, surnamed Lam, said he was confident of tourism development prospects inTibetand had decided to invest in the sector this year.

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