Ban urges business leaders to invest more in developing countries

UNITED NATIONS, June 24 (KUNA) - Secretary-General Ban Ki-moon on Thursday urged a gathering of business leaders to think differently about how and where they devote resources, stressing the importance of investing in developing countries to promote global growth. "We can't afford not to invest in the developing world. We all know that's where the greatest need is. But that is also where some of the greatest dynamism is," Ban told more than 1,200 corporate chief executives, government ministers, heads of civil society and other participants at the Global Compact Leaders Summit meeting in a New York hotel today and tomorrow. "Global economic growth requires investment in the developing world," he stressed, adding that with official development assistance (ODA) under pressure, foreign direct investment is that much more important. Since its launch in July 2000, the Global Compact - a UN initiative that seeks to foster socially responsible business practices - has become the world's largest and most ambitious project of its kind with at least 8,000 participants. "The business community is coming to understand that principles and profits are two sides of the same coin," he noted, urging businesses to strengthen their commitment to corporate social responsibility. He also urged business to do more to uphold human rights and labour rights, protect the environment and fight corruption, noting that business can and should be part of the solution. He also appealed to business leaders to strengthen efforts to help the world achieve the global anti-poverty targets known as the Millennium Development Goals (MDGs) by their 2015 deadline. "In our efforts to eradicate poverty, create jobs and control disease, 10 years of experience has shown us what works - and what doesn't work," he said. "Our challenge now is to again scale up our commitment." Ban also announced that the goal for the Global Compact is to have 20,000 participants by 2020. "And our commitment is to do all this while maintaining the integrity of the initiative." (end) sj.ajs KUNA 242121 Jun 10