In the picturesque coastal city of Sihanoukville, a unique and promising investment opportunity has emerged. As the world grappled with the challenges posed by the COVID-19 pandemic, the real estate and related businesses in this vibrant city faced a temporary setback. However, the tides are turning, and a senior official at the Preah Sihanouk Provincial Administration has revealed an exciting opportunity for overseas investors to revitalize this stunning coastal gem.
The official, Long Dimanche, Deputy Governor of the provincial administration, recently unveiled an ambitious plan to complete more than 360 unfinished projects in the Preah Sihanouk province. These projects are set to transform the region into a model multi-purpose special economic zone, aligning with Cambodia’s Industrial Development Policy 2015-2025.
To achieve this grand vision, an estimated investment of at least $1 billion is required. Long Dimanche emphasized that while the government has many pressing priorities, this initiative relies on the collaboration of overseas investors and those with an interest in contributing to the growth of the Cambodian economy.
“We do not believe that the government has any budget for this as there are many other priorities that it has to address. However, the working group has a duty to raise funds within the framework of trust and another one to orient investors, which means we have to work harder together to promote the potential with the communications that we have enhanced,” said Dimanche.
Dimanche, who assumed his current post in 2021 after serving as the Cambodian Ambassador to South Korea, also highlighted the diligent efforts of the working group. They have been categorizing the unfinished projects based on factors such as ongoing civil or criminal lawsuits, ensuring a strategic approach to their revitalization.
“Next, we will do zoning to guide re-investors to have ideas for the re-arrangements and other technical issues. For example, which projects will be put into laboratory tests to examine how safe each project would be and how these projects solved in legal aspects after they have been identified,” he said.
In an encouraging move, the Cambodian government has introduced incentive policies to support existing investors who are willing to continue or partner in completing their respective projects. This collaborative approach aims to expedite the transformation of the region, making it even more attractive for potential investors.
