SET-listed Amata Corporation, an industrial estate developer and operator, has secured a concession from the government of Laos to develop a new "Amata Smart and Eco City" under a plan to expand industrial estates in Laos.
The new industrial complex, spanning 19,687 rai, is located in Namor district in Oudomxay province in northwestern Laos.
The company plans to spend US$500 million for its first-phase development covering 8,075 rai through a joint venture, Amata City Laos Co, said Vikrom Kromadit, chairman and acting chief executive of Amata.
"This project is our second industrial estate investment in Laos. We aim to develop a new industrial area to serve investors and boost the country's GDP as well as promote environmental sustainability," he said.
Earlier this year, the company announced it would allocate $1 billion to build Amata Smart and Eco City in Natuey in Luang Namtha province in northern Laos.
Amata was granted a concession to develop this industrial estate on 2,562.5 rai, or 410 hectares.
Mr Vikrom said both industrial complexes, in Natuey and Namor, would serve as a model for modern industrial parks, with energy-efficient infrastructure and sustainable environmental management.
The company focuses on environmental issues at industrial estates as it follows the global trend in better environmental protection, including efforts to curb carbon dioxide emissions.
Amata has cooperated with Lao authorities since 2018 on a project to develop an eco-friendly industrial estate in Namor in order to help the country draw foreign direct investment.
Around 20 companies have showed interest in buying land in the Namor project, according to Amata.
The company also plans to invite investors in Amata industrial estates in Thailand to expand investment overseas.
Amata's investments in Laos have created 300,000 jobs and built new residential areas for 1,400 people.
Amata is pushing ahead with its Smart City project in Chon Buri. The firm completed a feasibility study with Japan's Yokohama City, one of the world's most successful smart cities.
"We aim to transform urban and industrial areas into more efficient, sustainable, competitive and livable production bases," said Mr Vikrom.