The Cambodian government has revealed plans for a US$23.5m (€30.7m, £23.5m) saltwater aquarium, which will begin construction in Sihanoukville in the southwest of the country later this year.

Norwegian company Vitamar is behind the project, which Ministry secretary of state, Nao Thouk, said was the first such investment from a foreign company into aquariums.

The aquarium will be unique in that it will operate both as a traditional tourist attraction and as a breeding ground, using the comparatively-mild Cambodian climate to rear ocean-faring fish such as red snapper, grouper, seabass and Pompano for consumption and export.

“[Vitamar] are now waiting for the approval, as they are already preparing everything such as a budget and human resources,” said Thouk, speaking to Cambodian paper Khmer Times. He added that the move will decrease the country’s reliance on fish imports while simultaneously attracting tourists to the area.

“They have already studied the site in the sea and we hope the government will issue them a license by the third quarter of this year to hasten this project’s completion.”

According to Vitamar, money will be invested in three stages over the course of seven years. At total of 2sq mi (5.4sq km) will be developed, though the large majority of that area will be in ocean.

The aquarium will be developed to international standards, with stage one taking place between 2016-2018, including an US$11m (€9.8m, £7.5m) investment into construction of the aquarium and infrastructure, hatch locations, boats and floating carriages.

Phase two of the development – taking place between 2019-2021 – will cost US$9m (€8m, £6.1m) and will be used to produce hatchlings for the fish farm.

Between 2022 and 2023, US$4m (€3.6m, £2.7m) will be used to boost productivity in the aquarium, helping expand exports to neighbouring countries.