PHNOM PENH: On January 19, 2023, the Ministry of Economy and Finance lead an inter-ministerial meeting to discuss the preparation of incentives and package measures to resolve Sihanoukville’s stagnant investment projects.
Mr. Long Dimanche, Deputy Governor of Sihanoukville, who attended the meeting, stated that the meeting’s main purpose was to discuss the situation, legal challenges, achievements, and mechanisms to resolve stagnant investment projects in Sihanoukville.
The meeting was called after Mr. Hing Thoraxy, Secretary of State of Office of the Council of Ministers, informed the inter-ministerial setup between the Ministries of Economy and Finance and the Ministry of Land Management, Urban Planning, and Construction on October 12, 2022. The Royal Government of Cambodia has agreed to encourage building owners and/or stagnant investment projects in Sihanoukville.
According to Mr. Hing Thoraxy’s letter, the Royal Government of Cambodia must take additional policy measures in the future to encourage owners of Sihanoukville buildings and/or unfinished investment projects to promote investment, create demand, and increase trust to promote economic recovery and development, while Sihanoukville will evolve into a multi-purpose model special economic zone.
The Royal Government of Cambodia has decided to form an Economic and Financial Policy Committee led by the Ministry of Economy and Finance, with participation from the Ministries of Land Management, Urban Planning and Construction, Ministry of Tourism, Ministry of Justice, and Sihanoukville Provincial Administration, among others.
As needed, the committee is tasked with thoroughly researching and recommending the Royal Government’s package of measures to address this challenge, as well as leading, facilitating, promoting, promoting, and enhancing actor participation. Following the adoption of the aforementioned measures.