The Cambodian government has recently approved the construction of another special economic zone project on more than 55 hectares of land in Sihanoukville, to help boost the kingdom’s economy growth.
This approval comes as a result of the second inter-ministerial meeting regarding the Environmental and Social Impact Assessment (ESIA) discussion on this project on 01 August 2019.
Owned by Cambodian-Sino Metallic Material Industrial Park Co., Ltd, this project is to be built on more than 55 hectares of land in Stung Hav district, in Sihanoukville.
According to H.E. Soth Ya of the Ministry of Environment, the government strongly supports this project as it can help boost the country’s economy through foreign direct investment. However, the construction of the project has to follow the rules and regulations of Cambodia.
“After the meeting, we have come up with 10 rules to regulate the project. We want the project to be environment friendly and also to help contribute to the kingdom’s economic growth as well,” said H.E Soth Ya.
Special Economic Zones are special business areas where the government allows investors to operate businesses with special incentives including income tax, customs, and VAT benefits.
According to a report from the Council for the Development of Cambodia (CDC), Cambodia currently has more 40 special economic zones, of which 12 operating and the rest are under construction.
Source: Cambodia Constructors Association