PHNOM PENH:: The Ministry of Economy and Finance has signed a service agreement with China on Monday to develop Sihanoukville into a multi-purpose special economic zone. The signing was done virtually between the Minister of Economy and Finance, Aun Pornmoniroth representing from the Cambodian government and the officials from China’s Institute of Urban Planning and Design.

According to the Ministry, a master plan for the development of Sihanoukville into a multi-purpose model special economic zone is part of the government’s medium and long-term strategic considerations to promote sustainable and environmental development. It is also in line with Cambodia’s 2015-2025 development policies visualised to become a high middle-income country by 2030 and a high-income country by 2050.

The Ministry has added that Sihanoukville is being considered as Cambodia’s main economic hub due to its geographical location by the sea, deep-sea ports, airports and many tourist beaches and it has been highly developed. By turning the it into a multi-purpose model special economic zone, it is expected that the local economic structure will be transformed. It is also being forecasted to seize new opportunities which will attract more investments and businesses. It says this will help Cambodia’s recovery from the Covid-19 crisis to accelerate the development of industry, agriculture, and other sectors.

The master plan provided by China aims to achieve four goals. First, is to make Sihanoukville a famous and important city in Southeast Asia. Second, it will be an area that uses smart technology equipped with world class facilities. Third, showing value to a green environment with a high value-added industrial area to serve the local and global production chain. Lastly, is to be an economic pole in providing employment to the people and a source of national income for the development of the Cambodian economy as a whole.

It has added that the master plan will also be a roadmap for facilitating the implementation of all activities between stakeholders, including the public, private and development partners, based on common goals and clear responsibilities through setting directions for attractions and mobilisation of resources.

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