PHNOM PENH: Preah Sihanouk Province, Cambodia’s coastal gem, is set for a major comeback. The Royal Government has unveiled a $1.1 billion initiative, “Invest in Preah Sihanouk Province 2024,” to tackle unfinished construction projects and unlock the province’s immense potential.
While boasting a prime location for tourism, strong infrastructure, and established economic zones, Preah Sihanouk faces challenges. Numerous stalled construction projects and infrastructural gaps have hampered its progress. Recognizing this, the government’s ambitious program aims to breathe new life into the province, particularly the coastal city of Sihanoukville.
Experts like Mr. Lor Vichet, vice president of the Cambodia-Chinese Commerce Association (CCCA), see this program as a game-changer. He emphasizes the need to complete stalled projects, attract businesses, and strengthen Sihanoukville’s master plan to create a multi-purpose economic zone.
Beyond infrastructure, Mr. Vichet highlights the crucial role of developing deep-sea ports, which will drive export growth and economic diversification. The ultimate goal: transform Sihanoukville into a thriving business center, a modern hub for IT and regional commerce, and a vibrant multi-purpose economic zone.
Mr. Vichet emphasized the importance of local participation, urging local investors to spearhead the initial investment package for revitalizing stalled projects. He believes local involvement will showcase the full potential of the initiative and demonstrate confidence to foreign investors.
He stressed the need for local investments to reach $300 million to $500 million, serving as a testament to the faith local investors have in Sihanoukville’s potential, exceeding even the government’s expectations. This, he believes, will pave the way for attracting the targeted $1.1 billion in foreign investment, marking the first step towards realizing the government’s vision.
With a clear roadmap and a $1.1 billion investment, Preah Sihanouk is poised for a remarkable comeback. This initiative could unlock its true potential, creating jobs, attracting businesses, and propelling the province towards a brighter future.
