Svay Rieng provincial governor Men Vibol on May 27 extended an open invitation to potential investors from Quzhou city, Zhejiang province, China to participate in the growth story of Tai Seng Bavet Special Economic Zone, located in the southeastern town of Bavet on the border with Vietnam’s Long An and Tay Ninh provinces.
Vibol was speaking at a working meeting with a delegation from Quzhou led by vice-mayor Tian Jun, according to the Svay Rieng Provincial Administration.
“Occupying a strategic location and boasting enticing economic zones, Svay Rieng province has the potential for investment, particularly in factories and manufacturing enterprises. Recent investments in factories will provide a variety of benefits, including opening up job prospects for residents of the province and those outside of it,” he told the delegation.
The provincial administration pays particular attention to ensuring security and safety for all of the special economic zone’s (SEZ) tenants, he stressed.
An SEZ, often portrayed as a kind of commercial oasis, is a specially designated area within a jurisdiction’s borders that is subject to different – typically more lenient – legal, administrative, and economic regulations than elsewhere in the same jurisdiction. It may also include unique tax, logistical, or one-stop service arrangements intended to draw in business and investment.
The statement cited Tian, the vice-mayor, as saying that a study identified the Tai Seng Bavet SEZ as the province’s most attractive location for investment. “We will persuade … our investment partners to provide additional industrial investment in the [zone].”
By the same vein, at a recent meeting with workers in Preah Sihanouk province, Prime Minister Hun Sen affirmed that he has constantly worked with Beijing to develop, maintain and improve Cambodia’s SEZs in order for them to become preferred investment hubs. He contended that these zones may address some of the unemployment and export problems confronting the Kingdom.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia (RAC), on May 28 underscored that SEZs facilitate procedures for investors wishing to open a factory, processing facility or other manufacturing enterprise in Cambodia.
“Government support for SEZ investment is appropriate given that the zones are well-positioned and provide access to convenient transportation choices for businesses and investors. SEZ exports have dramatically increased in recent years. In essence, SEZs are situated in the best locations to support the expansion and success of your businesses,” he said.
The provincial administration reported that there are 11 active SEZs in Svay Rieng with 208 tenants who employ nearly 100,000 people. Of the tenants, 141 were licensed by the Council for the Development of Cambodia, and three were authorised by the provincial investment sub-committee.