Hanoi (VNA) – The Central Highlands province of Lam Dong called for 1.87 billion USD of investment for 24 projects during a meeting with investors held late last week in Hanoi.

The province seeks investors for 14 projects in the trade, tourism and service industries. Eight projects are in industrial production and construction and the remaining two are in the agriculture sector, said the vice chairman of Lam Dong People’s Committee, Tran Quang Thai.

An investment of 1 billion USD is needed for one of the projects which will develop 5,000 ha in Lac Duong district into a resort and entertainment complex called Dan Kia-Da Lat Tourism Resort.

Another 9.4 million USD is needed for infrastructure development of the 24ha Bao Loc Sport Complex in the town of Bao Loc , and 12.5 million USD is needed for the establishment of the Da Lat Flower Trading Floor.

Lam Dong also called for investment in infrastructure for its industrial zones, the development of commercial and residential areas, hydro-electric development, and investment in advanced technology for vegetable and flower production.

Since early 2003, Lam Dong has attracted 20 investment projects involving Hanoi-based enterprises. These projects are estimated to cost over 718 million USD; eight of the 20 have been licensed and capitalised at 675 million USD. These projects mainly involved industry, tourism and trade sectors.

Investment attraction has, however, lagged behind the potential of the province, because the majority of projects were small-scale, employed few workers and took a long-time for implementation, said Thai.

In order to better fulfill its economic potential, local Lam Dong authorities have pledged to create better conditions for investors, by shortening the time needed for fulfilling provincial investment procedures.

The province would also continue to adjust its preferential policies and work to more clearly define investment incentives for specific projects.

In addition, the province plans to ensure more frequent dialogues between local authorities and investors in an effort to give investors more chances to address grievances during project implementation.

During the meeting, an affiliate of the Hanoi Trade Corp Hapro Travel Co, pledged to establish a representative office in the province to open tours from Hanoi to Lam Dong and vice versa, pursuant to a cooperation agreement inked by the company and the province.