Special Working Group Committed to Strengthening Chinese Investment in Preah Sihanouk Province

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - The Preah Sihanouk Province Investment Promotion Working Group is set to launch a two-city "Invest in Preah Sihanouk Province Roadshow" in Xiamen and Hong Kong on October 30 and November 1, 2024. This initiative aims to foster investment in Cambodia's emerging economic hub, Preah Sihanouk Province, by showcasing the region's strategic advantages, robust infrastructure, and supportive government initiatives.

Designated as a Multi-Purpose Special Economic Zone (MPSEZ), Preah Sihanouk Province is poised for significant investment growth. It offers strategic advantages for Hong Kong investors, including a deep-water port and access to emerging markets within Cambodia's expanding economy. The MPSEZ, paired with a growing tourism sector, creates diverse opportunities across various industries, making it an attractive long-term investment destination. The Master Plan aims to transform Preah Sihanouk Province into a regional logistics hub, further establishing the province as an international gateway for trade, finance, and tourism. By emphasising sustainable development and innovation, Preah Sihanouk Province presents compelling opportunities for high-value investments.

As a showcase of strong commitment from the government and the Prime Minister, Dr. HEAN Sahib, Advisor to Prime Minister of Cambodia; Secretary of State, Ministry of Economy and Finance; Chairman of Preah Sihanouk Province Investment Promotion Working Group, was appointed as Chairman of Preah Sihanouk Province Investment Promotion Working Group. Dr. HEAN Sahib stated that "This roadshow is not just an event; it is a collaborative forum designed to facilitate meaningful conversations and partnerships. We are eager to share the unique advantages of investing in Preah Sihanouk, from our strategic location to our rich cultural heritage, and we invite you to engage in discussions that can lead to innovative solutions for both challenges and opportunities."

H.E. Dr. PHAN Phalla, Secretary of State at the Ministry of Economy and Finance and Vice Chairman of the Preah Sihanouk Province Investment Promotion Working Group, stated, "Our distinguished guests from Hong Kong are poised to gain a comprehensive insight into the vast potential and incentives offered by Preah Sihanouk Province. We envision a trajectory of mutual growth, underpinned by our unwavering belief in the expansion of Cambodia's economy extending to Preah Sihanouk Province. Your interest and investment will play a pivotal role in solidifying the province's position as a hub for tourism, logistics, manufacturing, construction and finance. The government is steadfast in its commitment to elevating this region into a premier destination for industry, tourism, and investment through the 'Special Program to Promote Investment in Preah Sihanouk Province 2024.' This strategic initiative not only addresses existing challenges but also nurtures a conducive business environment, bolstered by our streamlined 'One-Stop-Window' for investment facilitation. Furthermore, we are thrilled to unveil the establishment of the new MPSEZ, aimed at diversifying our economy and enhancing our reputation as an international gateway. We eagerly anticipate the opportunity to engage with our esteemed counterparts in Hong Kong, as we explore a multitude of collaboration prospects in Preah Sihanouk Province."

Furthermore, the deepening relationship between the Hong Kong government and Cambodia underscores the potential for collaboration. Recent initiatives include the exchange of 13 Memoranda of Understanding (MoUs) and engagements in the Belt and Road Initiative, culminating in several business agreements. A significant tax agreement signed in late 2019 further emphasises the commitment to avoid double taxation and prevent fiscal evasion related to income taxes. As Hong Kong investors seek new avenues for growth, the upcoming roadshow offers a unique opportunity to explore the promising prospects in Preah Sihanouk Province with his pact highlighting both Hong Kong and Cambodia's dedication to nurturing a transparent and mutually advantageous economic partnership.

The roadshow aims to facilitate networking between Hong Kong business leaders and key agencies from Cambodia, including the Ministry of Economy and Finance (MEF) and the Council for the Development of Cambodia (CDC), as well as representatives from the private sector. Leading the delegation is His Excellency Dr. PHAN Phalla, Secretary of State at the Ministry of Economy and Finance and Vice Chairman of the Preah Sihanouk Province Investment Promotion Working Group, whose vision and leadership are instrumental in advancing Cambodia's economic landscape. He is accompanied by esteemed officials, including H.E. IM Sokthy, Chief Secretariat of the Preah Sihanouk Province Investment Promotion Working Group; H.E. NUT Unvoanra, Deputy Secretary General of the Cambodian Investment Board; H.E. CHEA Kok Hong, Secretariat Director for the Multi-Purpose Special Economic Zone Masterplan; H.E. LONG Dimanche, Deputy Governor of Preah Sihanouk Province; Mr. Rithy SEAR, Chairman of Worldbridge Group; and Mr. Kenny YEUNG, Deputy CEO of Bank of China (Hong Kong) Phnom Penh Branch.

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About Preah Sihanouk Province

Preah Sihanouk Province is in southwest Cambodia, a deep-water port city that is rapidly growing and diversifying. It is a province with high potential for attracting investment, with a favourable location for tourism development, main infrastructure, such as deep-sea ports, airports, and expressways to serve for the investment, and some existing big special economic zones.

About Ministry of Economy and Finance

The Ministry of Economy and Finance (MEF) is responsible for administering financial and economic policy in Cambodia. Established by the Royal Government, the MEF guides and oversees economic and financial affairs to foster development and enhance the lives of citizens, adhering to principles of market economy and social equity.

About Preah Sihanouk Province Investment Promotion Working Group

Preah Sihanouk Investment Promotion Working Group is an inter-ministerial mechanism acting as a "One-Stop-Window", responsible for leading, coordinating and implementing this special program, including measures to resolve unfinished investment projects in Preah Sihanouk province.