PM aims to transform Sihanoukville to be Asian Tiger financial hub

• 19 November 2019
• Local News
• 2229 Views

Cambodia’s Prime Minister Samdech Techo Hun Sen on 16 November expressed his ambition to transform the coastal city of Sihanoukville into an Asian Tiger financial and economic hub.

The Prime Minister announced his ambition during the groundbreaking ceremony of 34 roads in Sihanoukville which will be built to identical technical standards using a budget of around US$294 million. (Read more)

“There was Hong Kong, Singapore and some places like Shanghai that became financial centres. We also have the ambition to achieve that goal of becoming a reliable financial centre, not just in Cambodia, but at the regional and international level,” Samdech Techo Hun Sen said.

According to the International Monetary Fund (IMF) ‘financial hub or financial centre’ refers to a city or region where a large number and variety of financial services institutions are headquartered. This will facilitate economic activity, which in turn helps to generate more income to the state.

However, in order to achieve this ambition, Samdech Techo Hun Sen emphasised the need for Cambodia to develop Sihanoukville correctly, such as with the construction of good quality roads and other supporting infrastructure.

According to Samdech, the government has selected the province due to its great potential to raise income to supply the national budget that will be shared with other sectors for national development.

“This city can be a multi-purpose city with transport, deep water port, industry, services are all here, and possibly in the future leading to a financial base in the region,” Samdech Techo Hun Sen added.

In fact, the Prime Minister says he has had a vision to make this coastal province the gateway to the national economy since the 1990s. This means the government has been paying close attention to the development of Sihanoukville, the second economic pillar after Phnom Penh.

Sihanoukville is one of the provinces with most potential, which in recent years has attracted massive investment with more than 800 high-rise buildings completed or under construction in the province.

 

• Economy and Finance
• Urbanization and Architect