Peninsula Bay Investment Co., Ltd. is investing $527 million in a 5-star hotel and commercial center project in Preah Sihanouk province, and local authorities are strongly supporting the project.
On Wednesday, Long Dimanche, Deputy Governor of Preah Sihanouk province, presided over a meeting to discuss and gather feedback on the full environmental impact assessment study for the 5-star hotel and commercial center project by Peninsula Bay Investment Co., Ltd, according to Preah Sihanouk Provincial Administration’s news release.
The Provincial Administration said the project, with an estimated investment capital of approximately $527 million, is located in Sangkat No. 4, Preah Sihanouk city, Preah Sihanouk province.
It added that the project is expected to deliver significant benefits during its construction phase, including job creation for local residents, enhancement of workers’ technical skills, encouragement of further investment, and a boost to the local economy.
During the meeting, the Deputy Governor urged the project owner to prioritise environmental and social impact mitigation, maximise the use of local resources, and employ local technicians and workers as much as possible.
In response to the project’s positive reception, representatives from various departments, units, and institutions offered their feedback and proposed protective measures within their respective areas of expertise — ensuring the project proceeds with minimal impact on the environment and society.
Dimanche told Khmer Times that the meeting on Wednesday focused on one of several major projects for which the government mandates environmental and social impact assessment reports. These assessments are crucial for ensuring that the projects are sustainable and align with the country’s development goals.
Dimanche emphasised that the project is expected to yield significant benefits for both the national and local economies. Specifically, he highlighted that they would contribute to the overall development of the province, driving progress and modernisation in the region.
“The projects will play a pivotal role in enhancing the local infrastructure, boosting industries, and improving the quality of life for residents,” Dimanche said.
“Preah Sihanouk Province, in particular, will be transformed into a model multi-purpose special economic zone. This will not only attract investment but also create a multitude of job opportunities, thereby increasing income levels and improving the livelihoods of its citizens,” he added.
Speaking to Khmer Times, Lor Vichet, Vice President of the Cambodia Chinese Commerce Association (CCCA), highlighted the Royal Government’s commitment to encouraging investment in Preah Sihanouk Province as part of a broader strategy to develop key economic areas across Cambodia. The government has long focused on transforming the province into a central economic hub, with Preah Sihanouk being a key beneficiary of this national policy.
Vichet pointed out that Preah Sihanouk’s strategic location is one of the main factors driving investor interest.
“The province boasts a deep-water port, crucial for facilitating exports and imports. He said that this access to the sea makes transportation more efficient and connects the province to international markets, enhancing its attractiveness to global investors,” he said.
Additionally, Vichet noted that the province is well-equipped with necessary infrastructure, including reliable access roads, electricity, and water supply, which are vital for industrial operations.
Investors are also drawn to the availability of a skilled labor force that can support factory and industrial operations.
With these key advantages, Preah Sihanouk is well-positioned to meet the needs of growing industries and attract more foreign and local investments.
“This development aligns with the Royal Government’s long-term vision to make Preah Sihanouk a major industrial and economic center in Cambodia, supporting sustainable growth and offering new job opportunities for residents.
“The combination of infrastructure, favorable location, and government backing makes the province an increasingly attractive place for business investment,” Vichet said.
Preah Sihanouk’s GDP per capita is expected to surpass $13,000. Rapid development will fuel the province’s rapid development, which will make it a major industrial and logistics hub in the ASEAN region within the next 15 years.
The Preah Sihanouk Province Investment Promotion Working Group shared this optimistic outlook following the success of the recent Investment Summit, ‘Preah Sihanouk Province: Cambodia’s Rising Star,’ held in Sihanoukville.
In an interview after the summit, Chea Kok Hong, Secretariat Director of the Inter-ministerial Technical Working Group for the Development and Implementation of the Master Plan to Transform Preah Sihanouk into a Model Multi-purpose Special Economic Zone (SEZ), discussed the project’s potential.
He noted that the initiative could draw over $420 billion in investments and development partnerships in the next 15 years. “Our GDP per capita is projected to exceed $10,000,” he said, emphasising that development will focus on sectors such as industry, logistics, trade, tourism, and finance.
