Shh…Don’t Spread the Word: Sihanoukville’s Investment Opportunity You Can’t Ignore

Are you planning to invest in Cambodia? If yes, 2024 brings you a wealth of opportunities to invest in Sihanoukville.

Cambodia’s Ministry of Economy and Finance announced its Preah Sihanouk Investment Protection Working Group. Under this initiative, investors and businessmen can redeem special benefits, including:

• Special incentives
• Procedure facilitations
• Other forms of support

You can apply for these benefits if your invested project in Sihanoukville involves unfinished buildings or requires expansions.

Want to learn more about the benefits and scheme? Our Real estate experts in Cambodia have combined all the information for you. Scroll down to know more! 

Details about Preah Sihanouk Investment Promotion Working Group 

The Preah Sihanouk Investment Promotion Working Group is an initiative by the Royal Government of Cambodia. It aims to restore and promote investment in the Preah Sihanouk province.

Sihanoukville has been a rapid development and investment focus by the Cambodian government. They are boosting investment opportunities, particularly in the real estate sector.

Key Objectives and Functions

• Recreating Halt Projects: A significant focus is on restarting paused construction projects. As of January 2024, over 360 buildings’ construction had been halted. The group aims to attract new investment to complete these unfinished projects.
• Attracting New Investment: The working group aims to attract domestic and international investors to the province. They are promoting Sihanoukville as a prime location. It will boost Cambodia’s industrial, tourism, and investment opportunities. 
• One Window Service Office (OWSO): The group will act as a One Window Service Office. The idea is to help investors with all necessary services. It will also facilitate approvals, business licenses, and permits. OWSO’s approach aims to simplify the investment process and make it more investor-friendly.
• Providing Hospitality to Investors: The group also aims to offer hospitality services to potential investors. They ensure investors receive all necessary support and information during their investment process. 

Overview of the Special Program Launched to Promote Investment in Preah Sihanouk Province 2024

The Cambodian government is making an ambitious move to recreate Sihanoukville. Powering this, they are attracting more business and investment to the coastal city.

The National Government has officially announced: “The Special Program to Promote Investment in Preah Sihanouk Province 2024.“

This program is set to bring significant changes to Sihanoukville. It targets the completion of 360 unfinished buildings. This program also offers various incentives for investors and business owners.

Highlights of the 2024 Sihanoukville Program 

Prime Minister Hun Manet highlighted the initiative’s role in driving the Cambodian economy. Especially focusing on Sihanoukville as a key economic hub, it covers the following aspects –

• The program will handle the issue of 400 unfinished buildings. It aims to infuse new life into Sihanoukville’s construction landscape.
• It helps entrepreneurs looking to complete unfinished buildings or expand existing projects. They can access a range of supports. These include facilitated procedures and exclusive incentives.

(Facilitated procedures include a streamlined application process for project approvals. This will involve less paperwork and quicker response. There will be a single contact point for all necessary permits and approvals related to business operations, construction, and expansion. It will reduce approval timelines. Exclusive incentives include tax exemptions, VAT relief, and withholding tax holidays. It also provides property tax exemptions, quick administrative actions, and dispute resolution support.) 

• Interested parties can apply for these benefits. They must submit a proposal to the Preah Sihanouk Investment Promotion Working Group. Apply for application at their offices on-
  1. National Road 4, Sihanoukville.
  2. Business Development Center in Phnom Penh.
• Resolving investment-related disputes outside of court is also part of the program. It aims for a smoother and more investor-friendly environment.
• Queries can also raised via phone or Telegram at 012-902200 and 089-726-028.

The government plans to provide a beneficial climate of investment in Sihanoukville. They promote this with flexible policies to attract investors.

Benefits of the Program to Sihanouk 

The initiative brings several benefits to the region:

• New construction and business expansion investments will improve and push the local economy. It will also create jobs and increase demand for local services and goods in Cambodia. 
• Completing unfinished buildings will enhance the city’s appearance. It will make Sihanoukville appealing to tourists and investors. The plans will also improve the quality of life for residents.
• Introducing new and old investments can improve infrastructure. This will include roads, utilities, and public services, benefiting the entire community.
• A revitalised and visually appealing Sihanoukville can attract more tourists. This will be crucial for the city’s hospitality and service industries.
• It addresses the issue of unfinished construction and modernising the city. This can improve Sihnoukville’s reputation as a prime destination for tourism and business.
• The clear incentives and facilitated procedures can attract foreign investors. It benefits those looking for a friendly business environment, further diversifying the economy.
• The construction, renovation, and expansion projects will create jobs. It will reduce unemployment and increase income opportunities.

Final Note 

The “Special Program to Promote Investment in Preah Sihanouk Province 2024” aims to transform Sihanoukville by finalising 400 unfinished projects. It offers streamlined approval processes and financial incentives like tax breaks. This initiative boosts economic growth, attracting domestic and international investors.

IPS Cambodia lists properties in Sihanoukville, Phnom Penh, and other parts of Cambodia. We have hundreds of the best options on our website for renting and purchasing. With a detailed list of amenities and benefits for a clear view, we aim to provide the best real estate options.

Check out the details on our website. Connect with our expert real estate agents in Sihanoukville to know more!