Plans are underway for a green special economic zone (SEZ) development project in Koh Kong province, a meeting regarding the new project includes provincial authorities, representatives of the Council for the Development of Cambodia (CDC) and the Ministry of Economy and Finance (MEF) took place in the coastal province on December 21.
Cambodia is poised to take a significant leap towards sustainable economic development with the ambitious green special economic zone (SEZ) project planned for Koh Kong province. This $400-$800 million initiative, slated for commencement in 2024, aims to establish a hub for producing eco-friendly exports and attract substantial foreign investment.
The project envisions transforming Koh Kong into a center for green industries, focusing on renewable energy, sustainable waste management, and environmentally conscious practices in crucial sectors like automotive, electronics, and textiles. This strategic focus aligns with the growing global demand for sustainable products and positions Cambodia to capitalize on new opportunities in the global supply chain.
Beyond environmental benefits, the Koh Kong SEZ is expected to act as a catalyst for economic diversification and growth. With a planned investment of between $400 and $800 million, the project promises to generate significant employment opportunities for locals and contribute to increased national income. The strategic location of Koh Kong, bordering Thailand and boasting maritime access to the Gulf of Thailand, further enhances its appeal for trade and direct investment.
Experts see the development of SEZs as a key driver for attracting both domestic and international investors. Simplified export-import procedures and tax advantages offered within these zones make them particularly attractive for businesses. Sam Soknoeun, CEO of Sam SN Realty Co Ltd., emphasizes the potential of SEZs to boost national economic growth and highlights Koh Kong’s promising position due to its ease of access to international markets.
Cambodia’s existing network of 24 operational SEZs demonstrates the effectiveness of this model in diversifying the economy and attracting foreign investment. These zones have already fostered over $8.1 billion in investment and house numerous factories and companies across various sectors. The Koh Kong SEZ, upon completion, stands to further strengthen this trajectory.
With careful planning and responsible implementation, the Koh Kong green SEZ project holds immense potential for Cambodia. It promises to unlock new sustainable economic opportunities, generate jobs, and propel the nation towards a greener future. As the project takes shape, it will be crucial to ensure proper site selection with adequate infrastructure while safeguarding vital natural reserves. Through collaboration between national and provincial authorities, stakeholders, and investors, the Koh Kong SEZ can become a transformative model for eco-friendly industrial development in Cambodia.
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