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40 firms join UN Global Compact network

Star Business Report
More than 40 local organisations, including private sector companies, have signed up for UN Global Compact Local Network for Bangladesh -- the main UN instrument for promoting corporate social responsibility (CSR) -- launched at a programme in Dhaka yesterday.
Bangladesh Enterprise Institute (BEI), the CSR Centre and UNDP Dhaka office jointly organised the programme at Dhaka Sheraton Hotel.
Launched in 2000, the UN Global Compact, a brainchild of former UN secretary general Kofi Annan, has become the world's largest corporate citizenship and sustainable initiative with over 5,200 corporate participants and 1,500 stakeholders from more than 130 countries.
Commerce Minister Faruk Khan at the launching programme asked the business community to play a socially responsible role, saying they should be satisfied with low profit instead of going for profiteering.
“Every businessperson has responsibility to the society and in my opinion they are honest, industrious and competent,” the minister told the media after the launch.
"Business community should come forward to promote good corporate practices to help the government boost the economy,” he said.
The immediate past caretaker government allowed a 10 percent tax exemption against the expenditure of CSR activities to encourage business community to play a
socially responsible role.
On bringing down the prices of essentials, Khan said the market monitoring system has been strengthened.
Early this week, the government has vested the responsibility of a research work on basic commodity market upon the Bangladesh Foreign TYade Institute to prepare an effective market intervention guideline.
The commerce minister, referring to edible oil price, said prices at the retail level would come down soon as wholesale market recorded a cut recently.
Chaired by BEI President Farooq Sobhan, the function was also addressed by Prime
Minister Sheikh Hasina's Adviser on Private Sector Development Salman F Rahman, UN Resident Coordinator in Bangladesh Renata Lok Dessallien and Head of Global Compact Networks Soren Petersen.
Terming energy shortage as one of the biggest problems, Salman F Rahman urged businesspeople to use alternative energy sources to meet the required demand.
Rahman also called upon the businessmen not to take any illegal means to win business deal. "We have a big responsibility in reducing corruption. If businessmen do not go for illegal means, ministers or bureaucrats can do nothing," he said.