Largest foreign-invested agricultural project for northern province

09/03/2006 -- 7:24 PM

Lao Cai, March 9 (VNA)- The northern mountainous province of Lao Cai on March 9 granted a license to a Taiwanese-invested project in tea agriculture and exports for an operation term of 50 years. The 2.2 million USD project, funded by the Li Shan Tian Company Ltd from Taiwan , is the province's largest foreign invested project in agriculture. The investor plans to cultivate high-quality O Long tea on 50 hectares, each of which is expected to yield 12 tonnes of fresh tea buds with quality on par with Taiwanese products. Some 80 percent of the production output will be processed for exports. The company also plans to build a tea processing company with an annual capacity of 300 tonnes and provide jobs for almost 500 local workers. Sa Pa district People's Committee Chairman Hau A Lenh said he expected that O Long tea would become the second trademark typical to Sa Pa , after farmed salmon. To achieve this end, the Lao Cai province has granted the investor free land use for 15 years, income tax exemption for the first four years and income tax breaks for the next eight years. The northern mountainous province of Lao Cai has so far attracted 32 foreign - invested projects, together capitalised at almost 40 million USD. Of them only four, with a combined capital of 3.7 million USD, deal with agriculture.--Enditem
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