Business moguls pose for photos during a business forum and gala dinner organised by the Cambodian Oknha Association and the Council for the Development of Cambodia (CDC) in August. Heng Chivoan
In the complex tapestry of global economies, the roles played by influential figures and conglomerates are pivotal in shaping the trajectory of nations.
In this context, Cambodia’s Oknhas – or lords in English – and South Korea’s Chaebols emerge as distinctive entities contributing significantly to their respective countries’ economic landscapes.
This article explores the similarities, differences, and potential lessons Cambodia could glean from South Korea’s experience to foster sustainable economic growth through its Oknhas.
One common thread between Oknhas in Cambodia and Chaebols in South Korea is the prevalence of family influence within their organisational structures. Many Oknhas have familial ties at the heart of their businesses, echoing the traditional family-oriented structures often seen in Chaebols.
Both Oknhas and Chaebols also wield substantial influence on societal development.
In Cambodia, Oknhas are recognised and honored for their multifaceted contributions, spanning philanthropy, community development, among others.
In South Korea, Chaebols play a pivotal role in charting the nation’s economic course, influencing various industries such as technology, automotive and finance.
While family influence and societal impact form common ground, the nature of recognition sets Oknhas and Chaebols apart. Oknha is an honorific bestowed by the King – at the request of the government – on individuals who contribute significantly to society, encapsulating a broader spectrum of commendable activities.
On the other hand, Chaebol specifically refers to large conglomerates in South Korea, emphasising their dominance and influence across various industries.
Moreover, Oknhas are recognised for a diverse range of contributions, including charitable endeavours and community welfare. Chaebols, by contrast, are primarily recognised for their economic prowess and industrial dominance. The industrial focus of Chaebols spans a wide array of sectors, showcasing a diversified approach to economic influence.
South Korea’s experience with managing Chaebols offers valuable lessons for Cambodia. One crucial aspect is the implementation of effective regulations to guide the activities of influential figures and prevent monopolistic practices. By fostering an environment of fair competition, Cambodia can ensure that economic growth is inclusive and sustainable.
Corporate governance stands out as another critical lesson. Chaebols have faced scrutiny for issues related to corporate governance, prompting South Korea to introduce reforms to enhance transparency and accountability. Cambodia could benefit from adopting similar measures, establishing robust corporate governance practices to mitigate the concentration of power within influential entities.
Furthermore, South Korea’s emphasis on education and innovation has been integral to its economic success. Cambodia could encourage Oknhas and other business leaders to invest in education and innovation as a means of fostering long-term, sustainable development.
By nurturing a culture of continuous learning and technological advancement, the Kingdom can position itself for economic resilience and adaptability in the face of global challenges.
While acknowledging the positive impact of Oknhas and Chaebols, it is imperative for Cambodia to strike a delicate balance between recognition and ethical practices. Recognising the contributions of these economic giants is essential, but it should not come at the expense of fair competition, ethical conduct and social responsibility.
In conclusion, Cambodia stands at a crossroads with the opportunity to learn from the successes and challenges of both Oknhas and Chaebols. By implementing effective regulations, enhancing corporate governance practices, and fostering investments in education and innovation, the Kingdom can pave the way for a robust and sustainable economic future.
The journey toward economic prosperity involves drawing inspiration from diverse experiences while remaining attuned to the unique context of each nation.
Cambodia’s Oknhas, with their commendable contributions, have the potential to evolve into catalysts for sustainable development, guided by the lessons offered by the trajectory of South Korea’s Chaebols.
Through thoughtful regulation and strategic investments, the Kingdom can navigate the delicate balance between recognising economic giants and ensuring ethical practices, thereby charting a course towards prosperity that is both inclusive and enduring.
Vichana Sar is a researcher at the Royal Academy of Cambodia.
The views expressed are his own.
