Cambodian Gov’t Revives 40 Stalled Buildings in Sihanoukville; Seven Buildings Already Completed

• webmaster@construction-property.com
• 19 December 2024
• Local News
• 2140 Views

In a significant step towards revitalizing Sihanoukville’s economy, the Cambodian government has successfully initiated the reconstruction of 40 out of 101 stalled buildings in the province. This announcement was made recently by HE Mang Sinet, Governor of the Sihanoukville Provincial Government.

The governor attributed this progress to the Sihanoukville Investment Promotion Policy 2024, which offers special incentives and streamlined registration procedures to attract developers to the city. The stalled construction projects in Preah Sihanouk province were primarily a result of the COVID-19 crisis, which led many developers to abandon their sites.

Seven of these stalled buildings have already been completed thanks to government-led initiatives, while the reconstruction is underway for 40 others, signaling renewed investment and economic activity in the region.

Governor Mang Sinet highlighted the comprehensive support provided under the investment policy, which includes simplifying tax processes and fostering dispute resolution for developers.

He also noted efforts to support solar factories aiming to export to European markets, with specialized working groups ensuring seamless coordination of import and export operations.

Since establishing the Preah Sihanouk Province Investment Promotion Working Group on 31 January 2024, 213 projects have been facilitated, representing an investment capital of USD 6.026 billion and creating approximately 39,578 jobs. These projects encompass stalled buildings and new developments, production expansions, and high-potential industries like solar manufacturing.

• Policy and Strategy