In an attempt to combat corruption so as to promote better investment operations in Cambodia, on 23 February 2015, Phnom Penh SEZ Co., Ltd, together with its eight investors, signed the Memorandum of Understanding (MOU) with the Anti-Corruption Unit (ACU). The eight manufacturing companies are:
- Nikko-Kinzoku (Cambodia) Co., Ltd.
- Soon-West (Cambodia) Co., Ltd.
- Laurelton Diamonds (Cambodia) Co., Ltd.
- Taica (Cambodia) Corporation
- G.S Electech (Cambodia) Inc.
- Printe (Cambodia) Co., Ltd.
- Sumi (Cambodia) Wiring Systems Co., Ltd.
- Maru-T Ohtsuka (Phnom Penh) Corporation
The signing ceremony was held under the presidency of H.E Senior Minister OM Yentieng, Chairman of ACU. For PPSEZ investors, corruption at the Customs Department has caused increased logistic costs. This is a big issue for PPSEZ investors as many of these investors import parts to Cambodia and assemble them for export.
In reference to the above-stated issue, H.E. OM Yentieng mentioned that one of the major challenges for most foreign companies in Cambodia was “related to import and export process”. He further added that there were also plans to create a “club” for the increasing number of companies that have signed an MOU with the ACU.