PREAH SIHANOUK: The wave of investment that was sweeping across Cambodia before the Covid pandemic has hit a wall and left many projects stalled or abandoned completely. With China experiencing an economic downturn, Cambodian cities are finding the need to respond to a slew of empty and unfinished buildings littering the cityscape.

On October 31, a seminar was held on "Measures to Resolve Stagnant Investment Projects in Sihanoukville" led by Secretary of State for the Ministry of Economy and Chairman of the working group on resolving investment projects in Preah Sihanouk Province, Hean Sahip.

Sihanoukville Governor Kouch Chamroeun attended the workshop along with leaders and officials of relevant ministries, institutions and private businesses, as well as more than 150 journalists. Secretary Hean Sahip stressed that the stalemate in Sihanoukville investment projects will be resolved in a package deal, meaning that the relevant ministries and agencies must work together to attract investors and tourists, which will create market demand.

The Royal Government already launched measures to resolve stagnant investment projects in Sihanoukville in March of this year. According to Hean Sahip, the solution to the deadlock is to ensure that the unfinished buildings can be completed and that the completed building are able to resume investment or business activities.

He said that the Royal Government focuses on accelerating the development of Sihanoukville to become a multi-purpose model Special Economic Zone, with a focus on tourism, financial service centers, industrial zones and more. He hopes that a clear and comprehensive solution will emerge as many of the unused or unfinished buildings are worth over $1 billion. He stressed the importance of a solution to boosting the economy and business activities to create a vibrant city for the future.