Forward, Cambodia, and Japan Propose Sustainable Industrial Development Through Co-creation in ASEAN

Forward Corporation (Headquarters: Shibuya-ku, Tokyo; President and Representative Director: Masanori Nakajima; hereinafter "Forward") is expanding its corporate support network not only within Japan but also in ASEAN, based on the concept of "Corporate Regional Healthcare Industry" that supports corporate growth. As part of these efforts, Forward Cambodia, its overseas subsidiary, participated in a panel discussion held at the "Cambodia Investment Roadshow in Japan 2026." At the event, Shin Yamaguchi, Representative Director and President (Managing Director) of Forward Cambodia, gave a presentation on the realities of local business and the potential for collaboration between Japanese and Cambodian companies, and shared insights on the possibility of sustainable industrial development through co-creation between companies from both countries.

High Economic Growth Rate as a Backdrop, Investment Destination Also Noted in ASEAN

Cambodia has been increasing its presence as an investment destination of note within ASEAN in recent years, supported by political stability and an average economic growth rate of approximately 7%. Furthermore, its young demographic structure and open investment system have attracted the interest of many Japanese companies. This event featured keynote speeches by government officials, as well as presentations by companies and support organizations operating locally, leading to active exchanges of opinions on the investment environment, business opportunities, and challenges.

His Excellency Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia

Forward Cambodia Participates in Panel Discussion on "Investment in Cambodia's Food and Product Processing Sector"

Based on its experience supporting small and medium-sized enterprises locally, Forward Cambodia presented on the current status and challenges of Cambodian companies. Particularly in the agricultural sector, despite possessing high-quality agricultural products, challenges such as a lack of processing technology and know-how, difficulty in developing sales channels, and a shortage of partners were highlighted, emphasizing the potential for value creation through collaboration with Japanese companies. The strong interest in the Japanese market was also mentioned, along with the importance of support and bridging to achieve this, sharing the necessity of initiatives to promote collaboration between companies from both countries.

[Panelists]

Dr. Mey Kalyan, Advisor to the Royal Government of Cambodia / Chairman of the Cambodia Japan Business Investment Association (CJBI)

I believe the concept of "Made with Japan," bringing Japanese spirit to Cambodia and working together with the local community, is crucial. Cambodia's attractiveness as an investment destination is further enhanced by its political stability and high growth. Collaboration with Japanese companies is an essential element for accelerating industrial advancement and achieving sustainable economic development.

Yushi Uematsu, CEO of Royal Group Phnom Penh Special Economic Zone Co., Ltd.

Cambodia is seeing progress in infrastructure development and market growth, opening up new business opportunities. I believe the technology and quality of Japanese companies will create high added value through collaboration with local companies, leading to growth for both. As long as we are involved, we will steadily develop the support system we have cultivated so far, so we hope Japanese companies will feel at ease in coming here.

Chiaki Watanabe, CBO of Gōdō Kaisha Chocorico / COO of Cacao Visionary Co.,Ltd.

Cambodia is an agricultural powerhouse, and the ability to fully leverage the rich experience and knowledge cultivated by the local people is a significant advantage. Through the cacao business, I have realized that Cambodian agriculture holds great potential and room for growth. By advancing processing and branding, it is expected to grow into an industry competitive in the international market.

Kohei Wakabayashi, Director of Japan External Trade Organization (JETRO) Phnom Penh Office

We organized this Auram event with the aim of conveying the realities of business in Cambodia to the Japanese public. I introduced the business model of processing abundant resources at low labor costs to add value and export overseas, highlighting its potential.

(From left) Kohei Wakabayashi, Dr. Mey Kalyan, Yushi Uematsu, Shin Yamaguchi, Chiaki Watanabe

Comment from Shin Yamaguchi, Managing Director of Forward Cambodia

Agriculture is the core industry in Cambodia, employing approximately 33.4% of the working population as of 2025. However, about 90% of agricultural products are distributed unprocessed, and processed goods account for only 26% of exports, leaving significant room for value creation. While a shortage of processing facilities is a challenge, Japan's advanced processing technology holds great potential in high-quality markets for Japan and Europe. The Cambodian government also positions agriculture as a national strategy and advocates for a shift to skill-intensive industries, with agricultural food processing being one of the important growth sectors. In recent years, investment by companies from various countries has been increasing, and efforts to add high value through product commercialization such as drying, sorting, and standardization are expanding. This is a promising field where both challenges and growth opportunities coexist for Japanese companies, and the challenges faced by Cambodian companies can potentially be resolved by the technology and know-how possessed by Japanese companies. Furthermore, the resolution of these challenges itself creates new business opportunities. We, the Forward Group in Cambodia, will contribute to the mutual growth and sustainable industrial development of both parties as a bridge connecting local and Japanese companies.

Comment from Hiroyuki Mizuno, Group CMO of Forward Corporation

Through this panel discussion, I was once again reminded that corporate growth challenges know no borders. The challenges faced by Cambodian companies, such as market development, human resource development, quality control, and building networks with reliable partners, are fundamentally similar to those faced by Japanese small and medium-sized enterprises.

Forward has supported the growth of many SMEs through visualization and support services provided by our "Corporate Doctors." We aim to utilize this expertise not only within Japan but also in creating systems that support the growth of both Japanese and local companies.

Connecting the technology and know-how of Japanese companies with the potential of local companies to co-create new value is not merely support for overseas expansion, but an initiative that supports sustainable industrial development.

Moving forward, based on the concept of "Corporate Regional Healthcare Industry," Forward will continue to challenge itself to create new social infrastructure that supports corporate growth and contribute to the sustainable development of both Japan and ASEAN.

About Forward Corporation

Forward Corporation (TSE Standard: 8275) is primarily engaged in consulting services that provide hands-on support to SMEs and small businesses, offering management support services in five fields: "Information and Communications," "Overseas," "Environment," "Human Resources/Education," and "Entrepreneurship/Business Succession." Through its unique "Corporate Doctor (Next-Generation Management Consultant)" model, it provides integrated services from visualizing management issues to proposing improvements and supporting their implementation, offering high-value-added support that contributes to corporate value enhancement, such as ESG management, human capital management, and DX/GX promotion.

Furthermore, under its regional revitalization strategy "F-Japan Initiative," it promotes the creation and horizontal expansion of regional co-creation models in collaboration with local governments, private companies, educational institutions, and financial institutions.

Company Profile

Company Name: Forward Corporation

Representative: Masanori Nakajima, President and Representative Director

Established: September 18, 1980

Location: Aoyama Oval Building 14F, 5-52-2 Jingumae, Shibuya-ku, Tokyo

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