Preah Sihanouk approves 296 investment projects worth $7B

Preah Sihanouk approves 296 investment projects worth $7B

Synopsis: The approved projects are part of the Royal Government’s broader economic agenda, and are expected to generate over 53,000 new jobs.

Authorities in Preah Sihanouk province Wednesday called on investors to share their concerns and feedback to improve the implementation of government incentives under a flagship programme that has already approved approximately $7 billion worth of projects since early 2024.

The call was made during a workshop held at Sokha Beach Resort, where the Preah Sihanouk Provincial Investment Promotion Working Group and the provincial administration convened with more than 300 participants, including foreign and local investors, developers, and senior officials from relevant government agencies.

The event focused on the ‘Implementation of Incentive Principles under the Special Program to Promote Investment in Preah Sihanouk Province’, which was chaired by Hean Sahib, Advisor to the Prime Minister and Chairman of the Investment Promotion Working Group, alongside Preah Sihanouk Governor Mang Sineth.

Sahib said the “Special Program to Promote Investment in Preah Sihanouk Province,” initiated in 2024 under Prime Minister Hun Manet, is designed to accelerate economic development, restore investor confidence, and support the Royal Government’s broader economic agenda.

The programme includes streamlined approvals, tax incentives, and infrastructure facilitation, and has now been extended until the end of 2025.

“Between January 2024 and May 2025, we approved 296 investment projects with a total capital of approximately $7 billion. These projects are expected to generate more than 53,000 new jobs,” Sahib said.

He noted that the provincial investment team has provided incentives to various categories of projects: 131 stalled construction projects (44 percent), 130 new investment proposals (also 44 percent), 24 expansion projects (8 percent), and 11 existing ventures (4 percent). Most of these are concentrated in three sectors—real estate, tourism, and industry, which together account for 94 percent of all approved projects.

The remainder of investments, around 6.4 percent, are spread across services, agriculture, education, and health. In the industrial segment, four new industrial parks and special economic zones have been greenlit with a total capital of $110 million and the potential to create over 15,000 jobs.

However, Sahib stressed the importance of not only approving projects but also ensuring they are implemented efficiently.

To address this gap, Sahib urged project owners and investors to raise any challenges they face in navigating incentive procedures, particularly in areas such as tax exemptions and land registration.

“We want you to be open about the difficulties you encounter,” he said, adding, “The more we know, the better we can tailor solutions. This is your programme as much as it is ours.”

Governor Mang Sineth echoed this message and reiterated the province’s readiness to work with the private sector. He highlighted Preah Sihanouk’s strategic location and fast-developing infrastructure, including a deep-sea port, international airport, expressway, and railway, as key reasons for its emergence as a rising economic hub.

“Our vision, as outlined in the provincial master plan, is to develop Preah Sihanouk into a model multi-purpose special economic zone by 2038,” Sineth said. “We are focusing on four pillars: industrial and transport development, trade and residential integration, island tourism, and regional connectivity.”

He added that public investment is being carefully sequenced to support this transformation and that cooperation from the private sector will be essential to sustain growth.

The workshop also featured technical presentations on incentive policies, a Q&A session, and detailed briefings on new procedures for applying for tax exemptions. Participants were encouraged to make full use of the services offered by the provincial investment task force, both in Preah Sihanouk and in Phnom Penh.

Officials reaffirmed their commitment to a transparent, responsive investment environment and pledged to maintain regular dialogue with the business community to overcome remaining barriers to growth.

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