PHNOM PENH: Sihanoukville is poised for a significant economic boost thanks to nearly $600 million in approved investments for two new projects. Prime Minister Hun Manet recently announced the green light from the Council for the Development of Cambodia (CDC) on these projects, highlighting their potential to significantly benefit the city.

The larger project, a $574 million investment by Ban Dao Investment Co., LTD, will see the construction of a massive 2,870-room five-star hotel in Poy Tamong. This hospitality project is expected to create a substantial number of jobs and attract more tourists to Sihanoukville.

The second project, a $12.35 million investment by Haoruidar (Cambodia) Co., LTD, focuses on agriculture. They plan to build a local fruit processing plant in Kampong Seila commune, specifically for mangoes, pineapples, jackfruit, and turmeric. This project is seen as a way to support Cambodian agriculture and potentially open new export opportunities.

These projects are expected to generate significant employment opportunities in construction, hospitality, and food processing, all within Sihanoukville. The economic activity spurred by the investments is anticipated to contribute to the city's overall economic growth. Additionally, these developments align with Cambodia's plans to position Sihanoukville as a key economic hub.

The approval of these projects reflects the growing confidence of foreign investors in Cambodia's political stability and business environment. Cambodia currently holds the top spot globally for foreign direct investment (FDI) momentum according to the FDI Standouts Watchlist 2024. The Cambodian government's continuous efforts to attract investors, strengthen international cooperation, and participate in regional and global economic frameworks are contributing to this positive trend.

Overall, the $600 million investment injection into Sihanoukville signifies a promising future for the city's economy and its importance within Cambodia.