Gov’t Unveils Special Incentives for Revival of US$213m Worth of Stalled Projects in Sihanoukville

• Sommana Yan
• 30 April 2024
• Uncategorized
• 1608 Views

In a strategic move to revitalise stalled developments, Sihanoukville’s Investment Promotion Team has announced a series of special incentives targeting 14 projects valued at approximately US$213 million. The decision, made during a meeting chaired by HE Hean Sahip, Secretary of State of the Ministry of Economy and Finance and Chairman of the Investment Promotion Working Group in Sihanoukville, on 29 April 2024.

It’s important to highlight that the initiative encompasses ten projects associated with previously halted constructions and four additional ventures not related to these halted projects. These developments, slated for immediate launch in 2024, cover a diverse portfolio including 5-star hotels and casinos, resort complexes, condominiums, multifunctional buildings for office and shared accommodation, a concrete mixing plant, a cardboard manufacturing facility, and a service project for architectural decoration.

These projects represent a diverse mix of Cambodian and foreign ownership across small, medium, and large-scale investments, highlighting the government’s commitment to fostering a dynamic and inclusive development landscape in Sihanoukville.

Furthermore, the Investment Promotion Working Group has been actively implementing measures to attract investment to the province since its inception. Efforts include the study and designation of development zones, preparation of a draft sub-decree for special long-term investment visas in Sihanoukville, and the enhancement of existing industrial and special economic zones.

A notable achievement of the working group is the successful resolution of a dispute involving a stagnant US$100 million building project, demonstrating the team’s effectiveness in facilitating negotiations and agreements between conflicting parties.

From February 2024 to date, the working group has provisionally granted special benefits to 27 investment/business projects and is currently reviewing additional special incentives for 12 investment/business initiatives. This proactive approach underlines the Cambodian government’s determination to address and resolve impediments to project development in Sihanoukville through a comprehensive program led by an inter-ministerial-institutional working group.

The program focuses on three key areas: (1) projects related to stalled constructions, (2) projects unrelated to stalled constructions that can be operational in 2024, and (3)  the expansion of business activities, setting a positive trajectory for Sihanoukville’s development and economic growth. (Read more)

• land development and policy