Phnom penh: Cambodia's Special Programme to Promote Investment in the Four Northeastern Provinces (SPIN Programme) has reviewed 22 proposed investment projects worth nearly US$400 million, as the government intensifies its efforts to stimulate development and job creation in the country's remote northeastern region.
According to Agence Kampuchea Presse, a meeting was held at the Ministry of Economy and Finance under the leadership of H.E. Dr. Hean Sahib, Secretary of State at the Ministry of Economy and Finance and Chairman of the SPIN Programme. The focus was on assessing and deciding on the provision of the third special incentive policy for the projects, which collectively account for approximately US$395 million in investment and are anticipated to generate around 4,160 jobs.
The projects under review span the four northeastern provinces, featuring five in Kratie, ten in Stung Treng, two in Rattanakiri, and five in Mondulkiri. These projects encompass a diverse range of activities, such as small and medium enterprise clusters, higher education institutions, polyclinics, hotels and resorts, cultural tourism villages, livestock farms, and agricultural and agro-industrial ventures.
Several of the investments are aimed at establishing processing facilities for key commodities, including rubber, cashew nuts, cassava, durian, planted timber, and coffee.
During the meeting, H.E. Dr. Hean Sahib emphasized the importance of private investors, who are granted investment principles, to focus on transforming plans into tangible outcomes, especially in terms of job creation, skills transfer, enhanced processing capacity, and the adoption of new technologies throughout the production chain. He also encouraged investors to shift their focus from solely production to include value-added processing, highlighting the necessity of this transition for sustainable development.