Sum Manet / Khmer Times
Hean Sahib, Secretary of State at the Ministry of Economy and Finance and Chairman of the Investment Promotion Working Group for Preah Sihanouk, Monday led an inspection team to the Peninsula Bay project and Sihanoukville Special Economic Zone (SSEZ) to strengthen investment promotion under the Royal Government’s Special Investment Promotion Programme.
Accompanied by Mang Sinet, Governor of Preah Sihanouk province, and a team of experts, Sahib inspected the Peninsula Bay project and SSEZ to enhance investment facilitation in the tourism, real estate, and industrial sectors. The initiative is part of Prime Minister Hun Manet’s Special Investment Promotion Programme for Preah Sihanouk province.
The inspection is a core task of the working group, which provides special incentives to investors and businesses applying for and implementing projects in 2024 and 2025. The group monitors project implementation, addresses challenges, and listens to investor requests.
The Peninsula Bay project, developed by Peninsula Bay Investment Co., Ltd., involves the construction of a 5-star hotel and business cente in village 4, Sangkat 4, Preah Sihanouk city, along Samdech Techo Square. With an investment capital of $574 million, the construction began in 2024 and is expected to be completed by 2028.
The project spans 158,633 square meters and will feature a 5-star hotel with 2,870 rooms, a water park, a large conference hall, a shopping mall, five commercial buildings with 32 floors, and four residential buildings with 32 floors. The project is progressing rapidly and is on track for completion as planned.
The company also plans to expand infrastructure construction around the project site. The project owner expressed high confidence in the Royal Government’s support, particularly through the special programs promoting investment in Preah Sihanouk province.
Meanwhile, the Sihanoukville Special Economic Zone (SSEZ), located in Bit Trang village, Kampong Som city, is a mixed industrial zone hosting enterprises that produce construction materials, household appliances, spare parts, tyres, solar panels, medical supplies, bags, suitcases, clothing, and shoes.
As of 2024, SSEZ houses 190 enterprises from China, Europe, the United States, and Southeast Asia, employing nearly 30,000 workers with an average monthly income of approximately $300.
From January to November 2024, the zone recorded an export-import value of approximately $3.67 billion. SSEZ aims to become an international industrial park with 300 enterprises, potentially creating 80,000 to 100,000 jobs.
The zone plans to develop more than 500 hectares of undeveloped land out of its total 1,113 hectares, including infrastructure, sewage, water, and electricity systems, to attract new investments
Sahib emphasized that understanding investor challenges is a key priority for the working group.
“The group is dedicated to finding solutions, offering explanations, and facilitating smooth project implementation to create a better investment environment.
“We remain committed to implementing this special program to achieve the Royal Government’s objectives of boosting the economy, promoting investment activities, and addressing the issue of unfinished buildings in the province. Efforts will also focus on attracting investment in the industrial and other key sectors,” he said.
In 2024, two companies approached the working group to resolve difficulties and requests. The group coordinated with the provincial administration and relevant ministries, which have consistently provided high levels of cooperation. While some issues have been resolved, others are still under review. The working group will continue coordinating with investors and businesses throughout Preah Sihanouk province.
Businessmen and investors are encouraged to cooperate and provide information, opinions, or suggestions to help the working group better understand issues, find solutions, and make necessary adjustments.