Corporate Social Responsibility: Doing Good is Good for Business

March 17, 2016 Leave a comment
Posted on April 29, 2015

I am happy to learn that more international companies are investing in Cambodia to build their business and create new jobs for Cambodians. This investment is an important driver of trade, growth, and economic prosperity for the country. Along with the creation of jobs, some companies are also committed to improving environmental and labor standards in Cambodia by the way they run their business. In the past, I have highlighted examples of strong corporate social responsibility (CSR) practices in Cambodia, which are both good for the employees and good for business. These include GE’s contributions to supporting schools and medical equipment training as well as Tiffany & Co.’s state-of-the-art diamond polishing factory that provides free medical care for its workers.

Boris Ploum, general manager of the Pactics factory, explains how the company is improving environmental and labor standards.

Boris Ploum, general manager of the Pactics factory, explains how the company is improving environmental and labor standards.

Last week, I had the opportunity to see firsthand another company that promotes both CSR and quality work standards in Cambodia. Pactics, established in 2004, operates a factory in Siem Reap that employs 325 full-time Cambodian staff. The company specializes in manufacturing microfiber bags and other accessories for sunglasses, jewelry, and electronics which it supplies for a number of U.S. companies such as eyeglass manufacturer Oakley.

Pactics employs 325 full-time Cambodian staff in Siem Reap.

Pactics employs 325 full-time Cambodian staff in Siem Reap.

During my tour, I learned how Pactics invested money to incorporate sustainable building measures and energy saving technology when designing its factory. For example, windows are north-facing to provide natural light while reducing electricity usage by minimizing heat-generating direct sunlight. Strategically placed vents create a naturally cool workspace, rainwater is collected to flush toilets, and solar panels power the LED lights used after dark. General manager Boris Ploum explained that Pactics’ efforts to minimize its environmental impact may seem expensive but actually reduces operating costs over the long run.

Read more…

Exploring U.S. Investment in Cambodia

May 3, 2015 Leave a comment

As the U.S. rebalance to Asia gains momentum, the absence of a fully engaged economic and business component is becoming increasingly evident. Nonetheless, the U.S. government has launched several initiatives to bolster economic ties, most recently in Cambodia.

Representatives of several U.S. agencies, including the Department of State and Department of Commerce, visited Phnom Penh in January under the Lower Mekong Initiative to explore opportunities and promote U.S. business. American businesses have made some inroads in Cambodia, and recent government interest in strengthening economic connections is promising.

As Cambodia relies increasingly on China, the time is right for the United States to promote greater commercial engagement with Cambodia, which is expanding rapidly. Prime Minister Hun Sen announced on February 20 that output grew 7.3 percent last year and is forecast to top 7 percent again in 2013. Tourism and garment exports, two of the country’s leading industries, grew by 24 percent and 8 percent respectively. Construction investment surged 72 percent in 2012.

Read more…

Strategies to keep out dirty money discussed

August 25, 2016 Leave a comment

national-bank-of-cambodia

Central bank officials met yesterday with representatives from the Asia-Pacific Group onMoney Laundering (APG) to discuss strategies on how to deal with the high risk of money laundering and financial terrorism in the country.

Chea Chanto, governor of the National Bank of Cambodia (NBC), explained during the meeting that the Cambodian government has worked on multiple strategies to prevent money laundering and strengthen the financial rule of law, leading to positive results.

“Cambodia continues to focus on cooperating with international organisations to combat money laundering and terrorism financing through both bilateral and multilateral efforts,” he said.

Read more…

Design a site like this with WordPress.com
Get started