Many building projects in Sihanoukville have remained abandoned since the Covid-19 outbreak. Post Staff
An additional 10 investment projects with a total capital of $154 million will receive special incentives from the Royal Government under the “Special Investment Promotion Program in Preah Sihanouk Province”. This brings the total number of projects benefiting from the programme to 297.
The latest projects were approved during the 16th meeting of the programme’s working group, held at the Ministry of Economy and Finance headquarters on May 29. The meeting was chaired by ministry secretary of state Hean Sahib, head of the group.
During the meeting, he briefed attendees on the current state of global trade policy and the protection of domestic industries, which have led to a rise in trade barriers and are impacting the Kingdom’s exports, as well as industrial development and investment.
He explained that despite these challenges, the government remains committed to improving the business environment to attract and boost investment in Preah Sihanouk through a strategy of “retaining existing investors and attracting new ones”, as well as resolving issues through the One Window Service Office system.
“This situation has created momentum for Cambodia to continue economic diversification and attract investment from other countries by doubling efforts to improve the business environment and draw in investors,” he said.
Projects approved to join the programme will receive a number of incentives, privileges and procedural facilitation within the framework of the programme, which will continue to be implemented until the end of 2025.
According to the meeting, four of the ten newly approved projects are related to stalled building construction, while four are entirely new. One is for the expansion of a previous operation, while one is an existing project. With a total investment of $154 million, the ten projects have the potential to create around 1,200 jobs.
The projects include factories, commercial buildings, general education institutions, floating ports, hotels and residential buildings.
According to the working group, since the programme began in 2024, 297 investment projects have been approved. They have a total estimated capital of $7.029 billion and will create approximately 53,000 jobs.
In June, the working group plans to inspect around 30 proposed projects. The group is continuing to encourage businesspeople and investors to apply for special benefits, such as tax incentives, administrative facilitation and procedural easing related to investment.
Im Senghour, head of Century 21 Zillion Holding's Sihanoukville branch, told The Post on May 29 that after a sharp downturn during the height of the Covid-19 pandemic in 2020, the construction, real estate, tourism and overall economy of Preah Sihanouk began to show signs of recovery in 2024.
He added that government policies aimed at revitalising the economy in the province are starting to yield positive results, particularly by reviving previously stalled activities.
“The ‘Special Investment Promotion Program in Preah Sihanouk Province’ is gradually bringing progress, although its impact is not yet strong, as all of this still depends on the global economic situation,” he acknowledged.
