10 February 2002: Keynote address 2
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| Chairperson |
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Mr Subir Raha
Chairman and Managing Director, Oil and
Natural Gas Corporation, India
"An
informed debate on sustainable development must take technology into account."
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| Speaker |
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Sir Mark Moody-Stuart KCMG
Former Chairman & Member of the Board, Royal Dutch/Shell Group of Companies, UK
"Business
is not just about potential clients or customers, but every one who is affected by
it."
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| Session summary |
Business must promote prosperity in
tandem with sustainable development in severely poor regions, which represent a huge
untapped potential and latent profitability. Recognizing the equal importance of social
and environmental soundness and economic viability, business must cooperate with the
actual beneficiaries and ameliorate services through attention to public reporting.
In developing regions, groups disregard the benefits of synergistic alliances, thus
widening the rich-poor gulf. The reasons cited include inadequate investment; rampant
corruption; inflexible markets; failing globalization; and unfavourable trade terms. The
aid delivery process is critical because a dependency syndrome may inhibit economic
progress.
To stimulate poor economies, partnerships between businesses, governments, labour
organizations, environmental NGOs, and civil society groups are essential. Businesses
should set realistic targets to enter and expand host markets or develop new ones, without
neglecting the vulnerability of local enterprises; environmental regulations; and the
host’s sustainable development principles. Governments alone cannot tackle
corruption; businesses could complement them by fostering a sustainable economy.
Such initiatives may fail if companies are unwilling to invest in sustainable development,
engage in partnerships, or responsibly undertake public reporting. Worse still, the
expected growth may not be adequate to fuel prosperity and capacity building may not be
sufficient to ensure the effective functioning of markets. However, when sustainable
businesses are successful, the prize would be enormous.
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