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| Sunday, 27 April 2003 |
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"US firms keen to invest in Sri Lanka" by INDUNIL THENUWARA Many US companies have expressed interest in investing in Sri Lanka, said John Clark, leader of a US delegation which was in the island last week for the launch of the international business program, United Nations Global Compact. "We have been observing Sri Lanka's march towards stability, which is conducive for business in the country. If this continues, the island will be able to realise the rewards of a growing economy," he said. The Global Compact was proposed by the UN Secretary-General Kofi Annan at the World Economic Forum in 1999, when he challenged world business leaders to help build the social and environmental pillars required to sustain the new global economy and make globalisation work for everyone. The Compact supports nine principles in the areas of human rights, labour standards and the environment. Through the power of collective action, the Global Compact seeks to advance responsible corporate citizenship so that business can be part of the solution to the changes of globalisation. This way, the private sector, in partnership with other social sectors, can help realise a more sustainable and inclusive global economy. To reach these goals, it offers facilitation and engagement through several mechanisms - leadership model, policy dialogues, learning fora, local networks and partnership projects. Today, the program has attracted businesses from all over the world, evolving into the first global forum designed to address critical issues related to globalisation. The participating companies aspire to manage global growth in a responsible manner which takes into consideration the interests and concerns of stakeholders including employees, investors, customers, advocacy groups, business partners and communities. Aitken Spence and Co Ltd, Ceylon Oxygen Ltd, Coirtex Ltd, Commercial Bank of Ceylon, Forbes and Walker, John Keells Holdings and John Ward Ceylon have already received membership of the Compact. Pending membership are Carson Cumberbatch, Cruchshanks Ceylon, Globe Knitting (Pvt) Ltd, Shore-to-Shore Ltd, Ceylon Chamber of Commerce and the Employers Federation of Ceylon. Director International Labour Organisation (ILO) Colombo Area Office Claudia Coenjaerts said that ILO has been closely associated with the program in areas where it can express itself. "Child labour, cooperation among organisations, discrimination against women and freedom of association are some of these areas. We will also look at helping prevent the spread of AIDS/HIV, reconstructing the North and East and developing the human resource base," she said. The visiting delegation focused specifically on business-to-business engagements with sectors such as construction and other areas related to the Hambantota Harbour, telecommunications, airport and transportation and hotels and tourism. |
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