25 more projects receive incentives in Sihanoukville
25 more projects receive incentives in Sihanoukville
The Royal Government of Cambodia (RGC) has approved special incentives for 25 projects in Preah Sihanouk province, including 12 projects for completing unfinished buildings, 12 new projects and one expansion project, with a total investment budget of $917 million.
With the approval of 25 projects in October, the total number of projects that received incentives has reached 165. These projects include micro, small, medium, and large enterprises owned by both local and foreign investors, a statement by the Preah Sihanouk Province Investment Promotion Working Group (PSPIP-WG) said.
Of all these, 85 projects were invested to complete the ghost buildings, 61 are new projects, 15 expansions and four existing projects which include potential projects such as solar panels and component production, trade centres, and ago-industrial parks.
Hean Sahip, Chairman of PSPIP-WG and Long Dimanche, Deputy Governor of the Preah Sihanouk Province chaired the 11th meeting to review investment and business projects under the Special Investment Promotion Program in Sihanoukville 2024,’ held in Phnom Penh last week.
Sahip said that the 25 projects worth $917 million are invested in the home decoration equipment factories, bag and paper factories, multi-functional buildings, condominiums, hotels, restaurants and resorts.
He continued that many private sectors are interested in availing the incentive package and invest in Sihanoukville including for targetted investments and other potential ventures aside from the casino industries.
During the meeting, Sahip expressed appreciation for the support and commitment of the PSPIP-WG and relevant ministries and institutions for improving the business climate in the province as well as effectively implementing the projects.
He went on to encourage both domestic and international businessmen to apply for special incentives from the working group.
The Deputy Governor said, “Among these projects, there is a resort project on the ‘Koh Rong’ island which was invested in by the Poles (People of Poland), aimed at attracting tourists from Europe and related countries which is a good trend for creating a conducive investment environment.”
Talking to Khmer Times, Anthony Galliano, Group CEO of Cambodian Investment Management Holdings (CIM) said that this is a perfect example of a government truly committed to addressing a substantial national economic problem, unequivocally, relentlessly, and with a coherent and executable plan.
“The catastrophic situation was created by a perfect storm of a series of events, even by force majeure, including Covid-19, the crackdown on online gambling, the exodus of Chinese investment, and as a consequence, unprecedented scale of abandoned construction of buildings not seen since the global financial crisis (GFC),” Anthony noted.
He emphasised that the government has stepped up and tackled the issues head-on with investment and tax incentives under the Special Investment Promotion Programme, tailored for economic revitalization, long-term investment in projects and manufacturing, and acceleration in the completion of unfinished buildings.
Galliano continued that the long-term vision of Sihanoukville is intact, the present situation is a bump in the road, and a great and timely investment opportunity, given the road to recovery.
“The unique beauty of the coastal beaches offers wonderful tourism and real estate opportunities, the casinos a niche gambling opportunity for Southeast Asia, and the port and geographic position, combined with tax and investment incentives, well positioned for foreign direct investment (FDI) in manufacturing, property and logistics,” he added.
The CIM CEO underlined that as the government continues to focus and accelerate its efforts on recovery, this will be rewarding for those who place their bets early.
