Governor Vy Samnang of Takeo province on Tuesday endorsed a proposal to establish a special economic zone (SEZ) on a 32-hectare area in Bati district by the Chinese Chamber of Commerce of Chaoshan.
During a meeting with Taing Lak Hao, President of the Chinese Chamber of Commerce of Chaoshan at Takeo Provincial Hall, the Governor stated that the project for the special economic zone in Takeo will help create more jobs for people in the province, reduce migration and improve the economy overall.
Samnang said the provincial authorities will facilitate all procedures for the investors in the SEZ.
On that occasion, the Governor also requested Hao to continue to help attract more investors to invest in Takeo province, saying that the provincial authorities are always ready to support investors and facilitate procedures.
During the courtesy call with the Governor, Hao requested him to help the association establish a special economic zone in Bati district on an area of 32 hectares.
The chamber president also promised to work hard to mobilize investors to open more factories in Takeo province to create more jobs for the people.
On behalf of the chamber, Hao also donated 10 tonnes of rice, 500 cases of pure water and 10 million riels to the Takeo Provincial Administration for use and distribution to the people in the province who are facing difficulties.
According to BNG Legal, as of 2021, there were 54 Special Economic Zones in Cambodia, spanning the entirety of the country, with zones in Sihanoukville in the south to the capital Phnom Penh and in border towns such as Bavet.
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SEZs were created by two pieces of legislation promulgated by Cambodia on December 29, 2005 — sub-decree 147 on the Organisation and Function of the CDC and sub-decree 148 on the Establishment and Management of Special Economic Zones
The function of these special economic zones is to stimulate the growth of the Cambodian economy by facilitating incentives for investment, primarily in the manufacturing sector.
Cambodia’s new Law on Investment, promulgated in October 2021, also encourages the establishment of special economic zones as a means to attract more foreign direct investments to the country.
In the first half of 2024, the Council for the Development of Cambodia (CDC) has given the green light to 190 new and expanded investment projects in the special economic zones.
These projects represent investments worth $3.2 billion and are projected to create 168,572 job opportunities for Cambodians.
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Cambodia also received large Chinese investments in its special economic zones. One example is the Sihanoukville Special Economic Zone (SSEZ), a joint venture between Chinese and Cambodian companies, which significantly contributed to the Kingdom’s economic growth.
A landmark project under China’s Belt and Road Initiative (BRI), the 11-sq-km special economic zone currently houses 175 factories from China, Europe, the United States, Southeast Asia and other regions, generating some 30,000 local jobs.
The value of imports and exports passing through the zone rose to $2.7 billion in the first 10 months of 2023, up 33 percent year-on-year.
