Cambodia Calling: Cambodia in the Financial Times

Monday, February 15, 2010

Cambodia in the Financial Times

Article by Elaine Moore, "Catching Cambodia on the cusp of development", FT.com:

"Douglas Clayton, founder of frontier market fund manager Leopard Capital, has a habit of relocating to the country he believes is on the cusp of development. Right now, his home is Cambodia.

“It’s fun to be in countries that are changing rapidly,” he says. “Cambodia is where Thailand was 30 years ago, and where Vietnam was 15 years ago. There is a lot going on.”

[...]

In fact, Mr Clayton rates Cambodia alongside Hong Kong and Singapore as one of the most open countries to do business in. Corporate income tax is 9 per cent and there are no laws against 100 per cent foreign ownership of companies, although land can only be fully owned by Cambodians."

Also from the article: Of the US$53 million raised by Leopard Capital, the largest investment has been US$5m to CamGSM, which operates Cambodia’s largest mobile phone network; US$$2m into Kingdom Breweries, a Cambodian beer brewery; over $1m in Greenside Holdings to construct a rural power distribution system; and $1.5m for 24 per cent of a property project in downtown Siem Reap; and up to US$4m into Cambodia Plantations to lease approximately 3,000 hectares of land to grow rice. The first harvest is expected in 2011.

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At Bloom, our mission is to alleviate poverty and save the environment at the same time, through our recycled bags.

As a social enterprise in Cambodia, we are competing with many NGOs on the one hand (which get donations) and for want of a better word, capitalistic businesses (which drive down costs in an effort to maximise profits). We recognise and accept the challenges that face all business, but are committed to principles of Fair Play, and will NEVER sacrifice those principles in order to be competitive. This means, for instance, we will never sacrifice workers' pay just so our bags will be cheaper. The average pay at Bloom today is 2.13 times the market rate.

So please, before you ask us to discount our bags, remember that we are not a minimum wage factory; we are a social enterprise. If you want a cheap factory-made bag, Bloom is not what you are looking for. If you agree that workers (where-ever they are--Singapore, Germany, France, the US) should always be paid fairly and are not here to produce goods and services at low wages for the profit of big business, then please consider Bloom. Bloom bags are all hand-made by our small team who spend our working hours dreaming up and making bags.

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Bloom is a social enterprise established in Sept 2006 with the intention of providing fair-paying jobs to abandoned, widowed and divorced Cambodian women. Bloom is not a factory. We are a small workshop of nine people who work closely as a team to produce original, quality handmade bags made from recycled rice and fish feed bags.

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All Bloom Bags are handmade by our team. We do not outsource to other sewers because we want to be in control of the supply chain, to ensure that everyone involved in making a Bloom Bag is paid fairly. There is no middleman taking a cut and passing on the work to another.

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