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Final Report Research on Cross-border OCTOBER 2020 Investment in Agriculture Final Report Prepared for: NGO Forum on Cambodia Supported by Contents Executive Summary ............................................................................................................................................................................................................. 1 1 Background ...................................................................................................................................................................................................................... 4 1.1 FDI into Cambodia ................................................................................................................................................................................................... 4 1.1.1 Total FDI .......................................................................................................................................................................................................... 4 1.1.2 Sources of FDI .................................................................................................................................................................................................. 5 1.1.3 FDI in Agriculture ............................................................................................................................................................................................. 6 1.2 The Impact of FDI on ESG Issues in Cambodia ......................................................................................................................................................... 7 2 Methodology .................................................................................................................................................................................................................... 7 2.1 Scope ....................................................................................................................................................................................................................... 8 3 Financial Flows to Cross-Border Investment in Agribusiness............................................................................................................................................ 9 3.1 Overview .................................................................................................................................................................................................................. 9 3.2 Cambodia ............................................................................................................................................................................................................... 10 3.3 Vietnam ................................................................................................................................................................................................................. 10 3.4 China ...................................................................................................................................................................................................................... 10 3.5 ELCs by Province .................................................................................................................................................................................................... 11 3.6 Creditors ................................................................................................................................................................................................................ 11 4 Company Case Study ...................................................................................................................................................................................................... 12 4.1 HAGL at a Glance ................................................................................................................................................................................................... 12 4.2 HAGL In the Press................................................................................................................................................................................................... 12 4.3 Relations with Banks in Cambodia ......................................................................................................................................................................... 13 4.4 Initial Attempts at CSR Policies .............................................................................................................................................................................. 14 4.5 Summary of Impact and Significance ..................................................................................................................................................................... 14 5 Findings and Analysis ..................................................................................................................................................................................................... 15 5.1 Role of Finance in Reducing ESG Issues in Agriculture ........................................................................................................................................... 15 5.1.1 Overview ....................................................................................................................................................................................................... 16 5.1.2 Commitments ................................................................................................................................................................................................ 16 5.1.3 Frameworks and Regulations ........................................................................................................................................................................ 17 5.1.4 Guidelines and Recommendations ................................................................................................................................................................ 19 5.1.5 Instruments ................................................................................................................................................................................................... 20 5.1.6 Ad-Hoc Bodies ............................................................................................................................................................................................... 21 5.1.7 Certifications ................................................................................................................................................................................................. 22 5.1.8 Best Practices from Financial Institutions ...................................................................................................................................................... 23 5.2 Best Practices from National Markets .................................................................................................................................................................... 23 5.2.1 Best Practices from Financial Regulators ....................................................................................................................................................... 24 5.3 Financial Good Practices in Cambodia ................................................................................................................................................................... 25 5.3.1 Other Practices .............................................................................................................................................................................................. 25 5.3.2 Assessment .................................................................................................................................................................................................... 26 5.4 Comparing Cambodia with its Neighbours ............................................................................................................................................................. 29 5.5 Way Forward ......................................................................................................................................................................................................... 30 6 Recommendations ......................................................................................................................................................................................................... 31 6.1 Capacity-Building ................................................................................................................................................................................................... 32 6.2 Regulatory.............................................................................................................................................................................................................. 33 6.3 Monitoring, Reporting and Disclosure ................................................................................................................................................................... 35 Research on Cross-border Investment in Agriculture Page 2 of 35 © THE NGO FORUM ON CAMBODIA This report is copyrighted. 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