PHNOM PENH NEWS: Cambodia has provided special incentives for 42 projects with an investment capital of US$564 million to boost the development of Sihanoukville, while the Royal Government officially implements the "Special Programme to Promote Investment in Sihanoukville 2024" until the end of 2025.
The decision was made at the 13th Sihanoukville Investment Promotion Working Group Meeting chaired by Hanh Sahib, Advisor to the Prime Minister and Chairman of the Working Group on January 23 at the Ministry of Economy and Finance.
The projects that received special incentives are under the framework of the "Special Program to Promote Investment in Sihanoukville 2024" and it is an incentive, preferential, and procedural simplification, and is also the first for 2025.
According to the Ministry's press release, "The 42 projects include 15 projects involving stuck buildings, 12 new projects, 3 expansion projects, and 12 projects related to stuck buildings, with a total investment capital of US$565 million."
The announcement stated: "It is estimated that approximately 7,308 jobs can be created, including a limited customs project, a residential project in Koh Rong Lom, an eco-tourism resort project, an industrial park project, a hotel project, and a multi-purpose building project."
"The Royal Government has agreed to continue the implementation (of the Special Programme to Promote Investment in Sihanoukville 2024) until the end of 2025, maintaining all existing measures to promote the development of Sihanoukville and respond to the Royal Government's objectives," said Sahib.
He added that for the work direction in 2025, the team must continue to fulfill 3 core tasks to achieve better results.
Mr. Sahib mentioned that the working group continues to review and provide special incentives, consultancy, and hospitality and conduct outreach to attract and boost investment within the framework of the single gateway mechanism.
They will also continue to review and promote the implementation of investment and business projects, including providing practical incentives to projects that have already received incentives, especially the handling of projects involving stuck buildings and the project implementation process, within the framework of providing investment maintenance services, as well as facilitation.
He stated: "The Task Force continues to strengthen the capacity and resource arrangement of officers by adhering to the management of responsible and qualified officers in managing and directing the implementation of work regularly to ensure efficiency and ownership, as well as attract significant potential investments."
Businessmen and investors are encouraged to apply or propose to the Sihanoukville Investment Promotion Task Force for free to receive "special benefits" for the year 2025 at the location located at National Highway 4, Village 3, Sangkat No. 1, Preah Sihanouk, Sihanouk Province.
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