Koh Kong province in Cambodia is gearing up to further its foreign investment endeavours with the expansion of the Zhejiang Special Economic Zones (SEZs) into a strategic new location in Koh Kong province, encompassing a sprawling 1,000 hectares of prime land. This promising development took center stage during the recent visit of His Excellency Sun Chanthol, Deputy Prime Minister CDC 1st Vice-Chairman, to the Zhejiang SEZs in Sihanoukville on September 11, 2023.
H.E. Chanthol emphasized the significance of this expansion: “The land area of this first Zhejiang SEZ is only 30ha but it is already full with factories. So, the company is planning to expand its second SEZ which is in need of 1000ha in Koh Kong province. This significant move proved that our investment partner trusts our government leadership so that they dare to buy 1000 ha more land to invest with us.”
Special economic zones across Cambodia have consistently enticed substantial foreign investments, ushering in opportunities that might not have otherwise materialized. These investments have been pivotal in creating approximately 100,000 jobs each year, offering competitive salaries and brighter career prospects compared to alternative opportunities. The SSEZ management is even more ambitious, setting its sights on the establishment of 300 factories by 2020, potentially generating employment for up to 100,000 individuals.
In 2022, the Council for the Development of Cambodia (CDC) greenlit 132 non-SEZ projects expected to yield around 0.122 million jobs, as reported by the Ministry of Economy and Finance. Non-SEZ private investment initiatives added around 37,000 fresh job openings in the first quarter of 2023 alone, marking a remarkable 21 percent increase from the corresponding period in the previous year.
The post Koh Kong to Welcome Zhejiang SEZ’s Ambitious Expansion: 1,000 Hectare of Land to Boost Foreign Investments appeared first on Construction & Property News.