Foreigners dominate transport infrastructure

For the first time foreign investment outpaced domestic investment in the transport sector, the Ministry of Communications said, noting that among 47 new projects approved by the ministry last year, overseas investment accounted for 51% of total registered capital. Officials said that 88 overseas funded projects were approved in 2004, 44% more than in 2003 a significant portion of them devoted to road building. "The increasing demand for road cargo transport, propelled by rapid economic growth, has been a catalyst since the nation is short of competitive enterprises that offer third-party services to customers," state media reported one official saying.