The Working Group for Investment Promotion (WGIP) approved 213 projects worth US$6.026 billion in the first 11 months of 2024, surpassing the 100-project target. - PPP
PHNOM PENH: The Special Investment Promotion Programme in Preah Sihanouk province has surpassed its goals for investment and job creation, attracting over US$6 billion in investments and generating nearly 40,000 jobs in the first 11 months of 2024.
The Monday (Dec 16) meeting chaired by Hean Sahib, Senior Advisor to the Prime Minister and chairman of the Working Group for Investment Promotion (WGIP) in the province, was held at Mafiya’s Resort on Koh Rong to review the programme’s achievements.
The initiative, officially launched by the prime minister in January 2024, aims to stimulate economic growth by offering incentives and support for private sector investments, streamlining procedures and resolving issues related to stalled projects.
“The working group has successfully facilitated 213 investment projects, reaching 213% of the original target of 100,” stated a report from the Ministry of Economy and Finance.
“These projects, with a combined investment capital of $6.026 billion, are expected to generate 39,578 jobs – significantly surpassing the initial target of 5,000 jobs.”
The programme’s success highlights growing confidence in the province’s investment environment and its role as a key economic hub in Cambodia.
The projects span various sectors, including real estate, tourism and industry. According to the report, “Of the 213 projects, 103 relate to stalled buildings – accounting for 48% – with a total investment of $2.51 billion and an estimated creation of 4,558 jobs. The remaining projects include 86 new developments and 17 expansion initiatives.”
The remaining seven existing projects, accounting for 3% of the total, represent an investment capital of $30 million and are estimated to create 41 jobs.
In terms of investment capital, real estate projects dominated, with 86 projects valued at $2.15 billion. Tourism initiatives followed closely, comprising 60 ventures worth $2.18 billion. Industrial investments accounted for 16% of the total, with 35 undertakings valued at $1.19 billion. Other sectors, including agriculture and infrastructure, contributed to the remainder of the secured capital.
The programme’s success is particularly visible in its efforts to revive stalled buildings. Of the 165 projects receiving special incentives, 28 have completed construction or improvements, while 69 are currently under construction.
“However, 35% of the incentivised projects have yet to commence, indicating room for further progress in the coming months,” the report noted.
Alongside revitalising stalled projects, the programme has prioritised infrastructure improvements in the region.
The WGIP has coordinated the construction of concrete roads linking residential areas, resorts and educational facilities in Sihanoukville and Koh Rong. These developments aim to enhance accessibility and facilitate continued economic growth in the province.
Another key achievement of the programme is its role in resolving disputes. The working group successfully mediated out-of-court settlements for six stalled building projects and is continuing efforts to resolve additional cases in the near future.
This proactive approach has significantly reduced the time and costs associated with dispute resolution, further improving the province’s investment climate.
The government’s proactive stance has been reinforced by the collaborative efforts of various ministries, institutions and project owners.
By adopting a “dynamic stakeholder system” approach, the programme has streamlined decision-making processes, ensuring that the private sector receives timely and transparent services.
In his closing remarks, Sahib praised the contributions of all parties involved in the programme's success. He stressed the importance of continued collaboration and momentum to attract even more investments.
He urged business owners and investors to take full advantage of the incentives still available under the programme, which continues to offer special benefits to those looking to invest in Preah Sihanouk province. - The Phnom Penh Post/ANN
