Tibet to Found 5 Industrial Groups by 2010


The Tibet Autonomous Regional Government has decided to establish two industrial groups later this year, the Mining Group and the Building Materials Group.

The conditions for the establishment are ready now despite challenges, according to an executive meeting of the Tibet Autonomous Regional Government on Wednesday.

The government has also decided to set up the Tourism Group and the Traditional Tibetan Medicine (TTM) Group next year, with the founding of five industrial groups by the end of 2010 as the goal.

The founding of the Tibet Tianlu Construction Group on Oct. 14 marked the beginning of Tibet's industrial restructuring.

At the beginning the Regional Government planned to form four industrial groups, i.e., tourism, mining, construction and building materials and TTM groups. Then following an investigation, it divided construction and building materials industries into two groups in line with local circumstances.

The restructuring is projected to completely change Tibet's industries, according to the authorities. At present Tibet has too many small enterprises in different fields. For instance, there are more than 600 small mining companies.

In accordance with the policy on mutual compensation and making Tibet's industries stronger, in carrying out the restructuring efforts will be made to full use of present management professionals and resource superiority, the authorities said.

The restructuring is expected to elevate Tibet's industries to a higher level. Take the Building Materials Group as an example. Upon completion its output value will possibly reach six billion yuan (879 million U.S. dollars) and its annual profit tax will hit one billion yuan.

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