Gov’t Initiates Two Measures in Siem Reap to Propel Tourism Growth in 2024

• 15 November 2023
• Property Focus
• 2563 Views

In a groundbreaking move to fortify the tourism sector, Prime Minister Hun Manet unveiled pivotal measures at the 19th “Royal Government-Private Sector” forum on 13 November 2023, geared towards propelling Siem Reap’s tourism to unprecedented heights in 2024.

PM Hun Manet’s visionary announcement included a comprehensive study on transforming Phnom Kulen in Siem Reap into a natural tourism haven. This initiative aims to harness the area’s vast potential, encompassing rich cultural heritage, economic opportunities, a diverse ecosystem, dense forests, and biodiversity boasting 779 species, including 28 endangered species. Notably, the region hosts 10 species listed on the IUCN Red List, highlighting its ecological significance (source: Freshnews).

To bolster the symbiotic relationship between tourism and local agriculture, the government plans to establish green belts in key tourist zones. This innovative approach seeks to enhance the local supply chain of vegetables, fish, and meat, benefiting farmers engaged in the burgeoning tourism industry.

In tandem with these initiatives, the Royal Government introduced strategic financial measures. Banking and financial institutions are now empowered to restructure loans for customers facing temporary financial challenges, providing a 12-month respite. Further, the Small and Medium Enterprise Bank of Cambodia will inaugurate a direct loan program with an initial allocation of US$50 million. This initiative offers favorable interest rates to tour operators in Siem Reap, fostering sustainable growth.

As a testament to the government’s commitment, tax exemptions have been granted to registered hotels, guesthouses, restaurants, and travel agencies in Siem Reap for the entire year of 2023. Moreover, all tax liabilities predating 2023, encompassing taxes, surcharges, interest, 25% surcharges, and recurring interest, are waived for enterprises in the tourism sector operating in Siem Reap province.

In a final stroke of visionary planning, the Government entrusted the Ministry of Tourism with organizing and launching the “Visit Siem Reap 2024” program. This bold initiative is set to unveil a specific action plan before the close of 2023, signaling a resounding invitation for global travelers to experience the charm and allure of Siem Reap.

This strategic confluence of initiatives underscores the government’s unwavering commitment to nurturing Siem Reap’s as well as the entire country’s tourism landscape, ensuring a prosperous and sustainable future.

• Laws and Regulation
• Tourism and Travelling