An aerial view of Sihanoukville shows a number of unfinished structures on January 5. Yousos Apdoulrashim
Five stalled projects in Preah Sihanouk province, including condominiums, a hotel and an office building, are set to see construction get underway once more, thanks to the work of the Preah Sihanouk Investment Promotion working group.
The group has agreed in principle to provide special tax and non-tax incentives and coordinate the procedures that will pave the way for the projects get underway and begin business operations this year.
The incentives were agreed during a March 12 meeting, held to hear proposals on how to stimulate the private sector, under the scope of the government’s “Special Programme to Promote Investment in Preah Sihanouk Province for 2024”.
The meeting was chaired by Hean Sahip, head of the working group, and was attended by team members and representatives from several ministries and institutions, according to the provincial administration.
During the meeting, the group discussed five investment projects which had reached a stalemate, with the private sector requesting mediation or out-of-court dispute resolution, as well as special incentives.
The five projects include three condominiums: one in commune 2’s village 2, one in commune 3’s village 1 and one in commune 4’s village 3, as well as an office building in commune 4’s village 6 and an unfinished hotel, in commune 2’s village 1, all in Sihanoukville.
“The working group has agreed in principle to assist the private sector to complete construction and begin business operations this year. It will continue to provide coordination and promote the smooth implementation of the five projects,” added the administration.
The working group is also reviewing measures which will create a better investment environment.
Preah Sihanouk provincial deputy governor Long Dimanche said on March 13 that the working group had assessed several stalled construction projects.
The working group will continue to encourage businesses and investors who wish to receive “special benefits” to request the working group evaluate their eligibility.
On March 13 the group organised a public forum which explained how the programme works.
Sahip said that the programme focuses on three categories of project. Those which are related to a stalled construction project and those which are not, as well as the expansion of existing investment projects, in accordance with certain criteria.
“If the criteria are met, the government will provide special benefits, including tax and non-tax incentives,” he said.
The incentive programme was officially announced by Prime Minister Hun Manet on January 31.
