PHNOM PENH: The government has set out special incentives for investments in Preah Sihanouk province to attract more investors to the coastal tourism and economic province, especially its city Sihanoukville.
Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet outlined the incentive mechanisms in his speech at the launching ceremony of the Special Programme to Promote Investment in Preah Sihanouk Province 2024, held in Sihanoukville on Jan. 31.
Any investments in the unfinished buildings in the province will enjoy various tax holidays and exemptions, free and favorable arrangements for business processing and operation, and beyond.
Investments, including small and medium-sized enterprises, not related to the unfinished construction and business expansion will be awarded with some tax exemptions and business processing and operation.
“These incentives for investors aim to build Preah Sihanouk as a model province to promote investment and industrial development of Cambodia,” he underlined.
According to Deputy Prime Minister and Minister of Economy and Finance H.E. Dr. Aun Pornmoniroth, 362 unfinished buildings need roughly US$1.1 billion worth of investments to complete the construction in Preah Sihanouk. There are also 176 constructed buildings but not operational, he said.
Preah Sihanouk is a potential province for tourism and a multi-purpose economic zone of Cambodia with favorable conditions for investments in a range of sectors. The government has invested in additional infrastructure and facilities to ease business operations, investments, and trade in the province.