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Tibet's Investment Promotion Bureau said that 313 deals were signed last year, bringing contractual investment totaling 4.72 billion yuan (US$580 million) into the region, according to a Xinhua News Agency report on August 8.
Of this, 2.1 billion yuan (US$259 million) was from other parts of China, a 90 percent increase on the year before.
Actual investment of 1.57 billion yuan (US$193 million) was received during the year for projects in areas including agriculture, tourism services, traditional Tibetan medicine, mining and real estate.
Inclusion in the Western Development Plan has meant that more and more business has been attracted to Tibet Autonomous Region as its infrastructure and environment have been improved.
This has enabled Tibet's unique combination of resources and its pillar industries of tourism, traditional Tibetan medicine, mining and agricultural processing to be utilized for huge commercial opportunities.
The government has put 78.5 billion yuan (US$9.68 billion) into energy production, traffic and communications. At the same time, local governments, state departments and state-run enterprises have invested 5.3 billion yuan (US$654 million) into the social and economic development of Tibet.
The region has issued a series of favorable policies to encourage investment and the Investment Promotion Bureau provides one-step service licensing, improving the rate of examination and approval of services.
Examples include 160 million yuan (US$19.74 million) in investment from Hubei Huaxin Company to rebuild Xingye Cement Factory; while Nagqu Pashm Factory was rebuilt by Inner Mongolia Erdos Group, and Nagqu Dongyuan Pashm Ltd. Company founded as a joint venture.
In recent years, Tibet has also attracted multinational companies. In 2004, Carlsberg Ltd. Company invested in Lhasa Beer Co. Ltd., the first of the world's top 500 enterprises to invest in the region, preceding the Tibet branch of Amway in Lhasa.
(China.org.cn by Zhou Jing August 14, 2005)
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