The Council for the Development of Cambodia (CDC) is set to sanction two significant investment initiatives in Sihanoukville province, with a combined value nearing $600 million. This development follows a recent meeting between the CDC and the Preah Sihanouk Provincial Administration, where the evaluation of these two private investment proposals took place.
The first initiative, a hotel and resort project in Poy Tamong, Sangkat 4, Sihanoukville, has been recently approved by the CDC. This ambitious project plans to feature 2,870 rooms and is poised to elevate the province’s hospitality sector. With a staggering investment of $574 million, the development, spearheaded by Ban Dao Investment Co., Ltd., is envisioned to be a five-star establishment. While the Preah Sihanouk Provincial Administration has teased the project’s renderings on social media, further details, including the construction timeline, remain forthcoming.
In addition to the luxury hotel and resort, the CDC has also endorsed a $12 million investment for a fruit processing factory by Haoruidar (Cambodia) Co., Ltd. This project aims to establish a comprehensive raw foods processing unit in Kampong Seila commune, focusing on fruits and vegetables like mango, pineapple, and durian for export and resale.
The establishment of the fruit processing factory is expected to generate approximately 800 employment opportunities, contributing significantly to local job creation. However, specifics regarding this venture are still awaited from the CDC.
The assessment meeting on February 28, led by the CDC and local officials, scrutinized the proposed investments for their potential economic and societal benefits, as well as any conceivable challenges. The discussions aimed at ensuring that the investments not only contribute positively to Sihanoukville’s economic fabric but also address any potential negative repercussions effectively.
Long Dimanche, Deputy Governor of Preah Sihanouk, expressed optimism about the investments’ impact on the region’s economic environment, emphasizing the confidence these projects instill in Cambodia’s stability and growth prospects. He remarked on the resilience of investor confidence in Cambodia, even amidst global economic uncertainties and the aftermath of the Covid-19 pandemic.
These investments arrive at a time when the Cambodian government is actively working to rejuvenate Sihanoukville’s economy through specialized investment programs aimed at attracting foreign capital into key sectors such as tourism and agriculture.
Prime Minister Hun Manet, in a recent address, outlined the vision for Sihanoukville as a versatile economic zone with vast potential for tourism and transportation sectors. The 2024 investment promotion program introduced by the government offers enticing tax incentives and benefits to investors, alongside specific measures to stimulate the real estate market and provide support for industrial and real estate investors. These initiatives are part of a broader strategy to foster a conducive environment for investment and spur economic growth in Sihanoukville and beyond.
Source: Khmer Times
