Private Sector in Myanmar Aims to Grow Trust, Prosperity Through Responsible Business Models

(Yangon, 22 January 2014) – Building on the unprecedented economic transition underway in the country, Global Compact Network Myanmar convened a multi-stakeholder event today in Yangon, “Advancing the UN Global Compact in Myanmar: Delivering Prosperity and Opportunity Widely". The half-day event brought together over 100 business representatives, both local and international, as well as participants from civil society and Government to identify ways to strengthen the positive contribution of the private sector in Myanmar to help build the economy, foster prosperity and increase trust.

Sir Mark Moody-Stuart, Vice-Chair of the Global Compact Board, welcomed 25 new companies joining the Global Compact at a signing ceremony and encouraged businesses to work with the Local Network to develop and set priorities based on the national context.

Since its launch in 2012, the Myanmar Local Network has grown to include companies from a variety of sectors, which are committed to responsible business practices, collaboration and disclosure. In his opening remarks, Union Minister of Myanmar H.E. U Soe Thane praised the increasing number of local businesses embracing responsible business practices and highlighted the importance of corporate sustainability in creating an economy that is "internationally accepted”.

Network Representative Dr. Aung Tun Thet remarked that Myanmar has the potential to prosper into one of the leading economies in Southeast Asia.  Dr. Thet went on to say that responsible business behaviors, including implementation of the Global Compact ten principles, and proactive actions to support social stability and economic development were crucial components for Myanmar to achieve its goals. Five local signatories presented examples of how they have adopted and implemented the ten principles into their strategy and operations.

Sir Mark introduced the Business for Peace (B4P) platform, launched by the UN Secretary-General at the Global Compact Leaders Summit to catalyze collaborative practical action by business to advance peace in conflict-affected and high-risk areas. The platform was well-received by participants, and it was decided to further explore opportunities for collaboration. The event concluded with open group discussions on job creation, trust building, and responsible investment.

Contacts

Walid Nagi
Head of Local Networks
UN Global Compact
nagi@un.org

Ryo Kobayashi
Regional Networks Manager - Asia
UN Global Compact
kobayashi@unglobalcompact.org