In Cambodia, tourism is one of the stronger currency earners, bringing in millions of dollars’ income every year.
In line with this, the government of Cambodia has given approval to build tourist resorts to six companies, both local and overseas, costing up to $627 million. The agreement between the companies was signed by H.E. Cham Prasidh, the Commerce Minister of the country.
Long Sakhan, president of Vimean Seila Ltd., a real estate firm, was given the go signal to start development on a 420-ha land in an island in the Kampot province, some 130 km southwest of Phnom Penh. This area will be developed into a hotel and resort by her company.
An additional Cambodian company plus four foreign companies will also be developing hotel and resorts in some islands somewhere in the coast of Sihanoukville.
It was confirmed by an official of the Cambodian Investment Board that the agreement has been signed allowing the companies up to 99 years’ lease on the areas for development.
Recently, the Government of Cambodia has been actively endorsing the coastal regions in the country to attract tourists. In a bid to attract even more tourists, the government has opened the Sihanoukville airport. In another move to promote tourism, it allowed a Russian company to begin the development of Koh Pos (Snake Island) into a resort. An initial investment of $300 million was reported.