2009年-世界发展银行全球_Cambodia_-_A_Better_Investment_Climate_to_Sustain_Growth___Second_Investment_Climate_Assessment_103页_1mb

Cambodia: A Better Investment Climate to Sustain Growth

Core Content

This document presents the Second Investment Climate Assessment (ICA) of Cambodia, published in April 2009 by the World Bank and the International Finance Corporation (IFC). The report outlines the current state of Cambodia's private sector, identifies constraints to productivity and growth, and proposes a reform agenda to enhance the investment climate and support continued economic development.

Main Points

1. Overview of Cambodia's Private Sector

• Structure and Growth: Cambodia's private sector is largely informal, with a small but modernizing formal sector. The industrial and non-public service sectors grew at 16% and 11% respectively between 1998 and 2007, compared to 4% in agriculture.
• Firm Size and Distribution: 71% of firms with five employees or more are small (fewer than 10 employees), 7% are large (more than 100 employees), and 9% are in manufacturing (mainly garments), with 29% in trade and 25% in tourism.
• Foreign Ownership and Inputs: 19% of firms have foreign owners, and 43% of manufacturing inputs are imported. The garment industry has the strongest connection to global markets.
• Technology Adoption: 56% of firms use email to contact suppliers and clients, and 39% have a website. However, only 10% use the banking sector for investment financing, and 14% have audited financial statements.
• Productivity and Wages: In 2008, value added per worker was around US$5,000, annual wage per worker was US$1,600, and capital investment per worker was US$9,600. These figures vary significantly across sectors, with the garment sector reporting lower productivity due to limited diversification and low capital intensity.
• Risk Avoidance: Business owners exhibit risk-averse behavior, characterized by high levels of informality, lack of diversification, and reliance on informal payments to authorities.

2. Constraints to Productivity and Growth

• Persistent Concerns: Despite economic growth, firms still report significant concerns about the business environment. Corruption remains the top issue, followed by regulatory uncertainty, informal practices, and limited access to reliable electricity.
• Corruption Impact: Corruption manifests in various forms, including informal payments to speed up service delivery, tax transactions, and court influence. It contributes to financial costs and unpredictability.
• Macroeconomic Uncertainty: Rising inflation (mainly due to external factors) was a concern during the survey period, though it has since receded. However, the global financial crisis continues to impact Cambodia's key sectors.
• Electricity Issues: Electricity from the grid is expensive and unreliable, prompting firms to invest in generators. The high cost of diesel and maintenance further exacerbates this problem. Declining oil prices and additional electricity from Vietnam in 2009 may improve supply and cost in Phnom Penh.
• Labor Market Challenges: While labor regulations are not a major constraint, the lack of skilled workers and poor industrial relations are becoming more urgent. Labor disputes increased from 2.6 to 6.0 days per establishment annually, with some garment factories experiencing up to 8 days of disruption per year.

3. Reform Agenda

• Ongoing Efforts: The Royal Government of Cambodia (RGC) has made progress in trade facilitation, macroeconomic stability, and integration into the global economy.
• Key Directions for Reform:
  • Formalization: Encourage formal registration to access better financial services and reduce reliance on informal practices.
  • Diversification: Promote diversification of industries and products to reduce vulnerability to sector-specific shocks.
  • Productivity Improvement: Enhance productivity through better efficiency and innovation, especially in the garment sector.
  • Infrastructure and Services: Improve electricity supply and reliability, as well as access to skilled labor and information technologies.
• Concrete Priorities:
  • Address corruption and informal payments.
  • Improve access to finance through reduced collateral requirements.
  • Enhance regulatory transparency and predictability.
  • Support infrastructure development, particularly in energy and logistics.
  • Strengthen labor relations and provide training to increase skills and productivity.

Key Information

• GDP Growth: Cambodia experienced nearly 10% annual GDP growth from 1997 to 2007, with poverty rates declining by 1% per year.
• Investment Climate Improvements: Progress in trade facilitation, including faster border clearance, and better macroeconomic management have improved the investment climate.
• Global Context: Cambodia joined the World Trade Organization (WTO) as the first low-income country in the world, and is an active participant in ASEAN and other trade-related bodies.
• Private Sector Development: The private sector is a key driver of economic growth, and the RGC views its development as essential to sustaining growth and reducing poverty.
• Regulatory Reforms: The RGC has included private sector development as one of four key pillars in its Rectangular Strategy and offers attractive incentives to investors.

Summary Statistics

• Firm Registration: Increased from 720 in 2004 to 2,890 in 2008.
• Email and Website Usage: 56% of firms use email, 39% have a website.
• Foreign Direct Investment (FDI): Continued to grow, contributing to economic development.
• Corruption: 84% of firms make informal payments to get things done.
• Electricity Outages: 3.8% of sales are lost due to power outages.
• Labor Productivity: Around US$5,000 per worker in 2008, with significant differences across sectors.
• Investment Climate Constraints: The 2008 ICA survey found that firms' concerns about the business environment remain similar to those in 2004, but with significant improvements.

Conclusion

The report highlights the importance of improving the investment climate to sustain Cambodia's growth and development. While the private sector has made notable progress, challenges such as corruption, lack of diversification, and low productivity continue to hinder further growth. The RGC has recognized these issues and is working to address them through regulatory reforms, infrastructure development, and improved governance. The ICA serves as a valuable tool for stakeholders to identify opportunities for reform and monitor progress toward the Rectangular Strategy's goals.