The Anti-Corruption Unit (ACU) yesterday inked a memorandum of understanding (MoU) with the Japanese Business Association in Cambodia (JBAC), to build trust and create a better investment environment for Japanese companies and other investors in Cambodia.
Yogo Kanda, chairman of the Investment Committee of JBAC, said it is a great honour to sign the MoU on cooperation with the ACU. JBAC would like express its strong commitment not to tolerate corrupt activities.
“We will work closely with the ACU to find solutions if our members face difficulties because of corruption. In doing so, as a member of the private sector, we will contribute to the culture of compliance and transparency in Cambodia,” Kanda said.
He added JBAC is confident that the mutual cooperation will create an environment that will make it easy for foreign companies including Japanese ones to do business in Cambodia and build the trust of domestic and foreign investors.
“So far we have not received complaints from members, but we signed the MoU so we hope it can help to build trust and improve investment activities by Japan,” said Kanda.
Anti-Corruption Unit Chairman Om Yentieng said that the MoU signing with JBAC marked its 100th.
He said that the previous 99 MoU signings included companies, associations, chambers of commerce, special economic zones, public and private entities. Among the 99 MoUs, 19 were with Japan in the Phnom Penh Special Economic Zone, 59 were with Chinese companies, five with US firms, six with Cambodian enterprises, two with Malaysian businesses and one each from Indian, Swedish, Norwegian, German, Singaporean, Denmark, Thai and EU organisations.
Japanese companies always act as a model and play leading roles in doing business involving the treatment of staff members as well as providing training and other necessities to staff. Japanese investors strictly abide by laws and regulations, said Om.
“We are happy that we can cooperate with JBAC representing a group of Japanese investors from 270 companies. As far as I know, the government of Cambodia has been putting much effort to undertake actions and provide solutions to concerns raised in the government and private sector forum,” Om added.
“We received some complaints and took action about them. We are not revealing responsible parties because it is confidential. Thus far, we have taken some actions and measures when government’s institutions have a complaint.”
Om said that when investors start investing in Cambodia, or conduct operations, it does not mean that their business and investment will not face any challenges. They do face certain challenges that they can accept.
“In short, we cannot guarantee that there is no corruption at all in Cambodia, but from the feedback from Japan, the US, the EU and China, they say the business environment in Cambodia is acceptable and they can operate a business here.
“We have soft mechanisms, medium and strong mechanisms from small to big issues to deal with those who are corrupt. But at first, we use cold solutions or administrative mechanisms. If it is serious, we will send the corruption case to court,” Om said.