UNDP and the Foreign Trade Chamber launched the Global Compact Network in BiH
19/09/2005
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United Nations Development Programme and the Foreign Trade Chamber of Bosnia and Herzegovina launched the Global Compact Initiative in this country today. The Global Compact promotes responsible corporate citizenship so that business can be part of the solution to the challenges presented by globalization. In this way, the private sector – in partnership with civil society and UN – can help create more sustainable and inclusive global economy.
This initiative pursues two complementary objectives in BiH: first, to incorporate the spirit of the ten principles related to Human Rights, Labour rights, Environmental sustainability and Anti-corruption, in a company’s business strategy and operations; second, to encourage partnerships among key stakeholders for the wider development of Bosnia and Herzegovina.
Since its first launch, five years ago, more than 2.000 companies from 80 countries joined the Global Compact, creating as such the biggest voluntarily corporate network in the world. Joining, the bussiness people have a chance to show their social engagement to the clients, investors and employees as well.
„This network will have many functions. It will be a platform for learning and dialogue, provide support to address the challenges of market transition, and above all, ensure that conditions in which private enterprise can thrive, and generate much needed wealth, are fully respect of the law and its obligations, for the wider public good“, said Mr. Jens Toyberg-Franzen, UNDP Resident Representative during the launch of the Global Compact initiative in Sarajevo.
This initative in Bosnia and Herzegovina was joined by the following B-H companies: Energoinvest, Sarajevo; Upi Banka, Sarajevo; Borac Travnik; Mittal Steel; Grizelj; Baja Company; Elvaco AD; Vegafruit Gračanica; Širbegović; DHL BiH; Tehnogas TRN Banja Luka; Intersistem Bijeljina; Bobar Group; Vispak Visoko; Zenička industrija Mlijeka; Tropic Banja Luka; Pristor; Altro-akcionarsko društvo; Nova Banka; Pivara Tuzla; Vitinka.
„I am sure that this day presents an important moment in Bosnia and Herzegovina‘s path towards universally accepted principles of human rights, ecologically sustainable development and un-discrimination, in the widest sense of these words. Therefore, I invite all companies in Bosnia and Herzegovina to joine the Global Compact initiative“, said the Prime Minister of Bosnia and Herzegovina, Mr. Adnan Terzic, in a letter read at the launching ceremony. Unfortunatelly, he was unable to participate, due to an important trip to USA he had to be on.
Participation in the Global Compact will help BiH companies to adapt to EU values and principles. EU based companies are increasingly emphasising the tremendous importance of good corporate behaviour in order to stay competitive. So, the initiative of Global Compact is fully in accordance with the European principles Bosnia and Herzegovina is trying to apply in various segments of its society. Mr. Renzo Daviddi, Head of Economic and Political Sector of the EU Delegation in Bosnia and Herzegovina, emhasized that by saying that this initiative „shares most, in fact all those principles and beyond. In this respect, perhaps the implementation of the Global Compact is then a small step forward towards European Union“, said Mr. Daviddi.
By implementing the ten Global Compact principles and be engaging in society, BiH companies can display its commitment to high standards and thus become more attractive as a business partner for EU based companies and meet increasing consumer demand for corporate social responsibility.
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