Wednesday, August 17, 2005

Cambodia to build second Special Economic Zone

Cambodia will build its second Special Economic Zone after the first was inaugurated last week, local media reported on Wednesday.

Cambodia's Attwood Investment Group unveiled a master plan Tuesday to invest 89 million US dollars in the country's second Special Economic Zone, to be built in October.

The zone will cover 200 hectares of land in Sihanoukville's Stung Hav district, where a port, utility supply facilities and other infrastructure will be built, according to Khmer newspaper Rasmei Kampuchea.

"We intend to develop this area into an economic and commercial zone to improve the living conditions of rural residents and to provide jobs for young people," said Attwood President Lim Chhiv Ho.

The zone will also make it easy to import raw material and export products thanks to its proximity to the Sihanoukville International Port, she added.

Cambodia's first special economic zone officially began construction in Svay Rieng province, bordering Vietnam, last week.

Deputy Prime Minister Sok An praised Attwood for its active role in local investment, saying it was in line with the government's policy to set up special economic zones to reduce poverty among Cambodian people.

Attwood will receive a nine-year tax break, in accordance with a draft law on Special Economic Zones, and investors could import raw materials duty-free as soon as construction is completed, The Cambodia Daily said.

Cambodia also plans to build special economic zones in the provinces of Koh Kong, Takeo, Kompong Cham, Kratie, Banteay Meanchey and possibly in Pailin.

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