The FINANCIAL — Marking the highlight of the UN Global Compact XII Annual Local Network Forum (ALNF) and UN System Private Sector Focal Points (PSFP) Meeting in Addis Ababa, the UN Global Compact today released a long-term strategy for growth and engagement in Sub-Saharan Africa.
The FINANCIAL — Marking the highlight of the UN Global Compact XII Annual Local Network Forum (ALNF) and UN System Private Sector Focal Points (PSFP) Meeting in Addis Ababa, the UN Global Compact today released a long-term strategy for growth and engagement in Sub-Saharan Africa. The Africa Strategy (Partners in Change: UN Global Compact Advancing Corporate Sustainability in Africa) was launched as businesses have an unprecedented opportunity to contribute to the United Nations post-2015 development agenda and scale up sustainable development in the region, according to UN Global Compact.
The potential for economic growth and inclusion in Africa is at an all-time high – with private sector investments and operations providing the backbone for long-term growth, prosperity and opportunity. At the same time, the private sector is increasingly playing an important role in the social and economic development of African countries.
In response to these growing economic trends to better connect with the growing private sector in Africa, the Africa Strategy will serve as the overarching plan of action to rearticulate and emphasize the Global Compact's value proposition in the region.
While many leaders in the African private sector recognize the business case for sustainability, the challenge lies in translating this recognition into long-term commitment and action in Africa. The Global Compact’s strategy for Africa will bring together actors on the ground, in the region and around the globe to work together and become partners in change for a developing and rising Africa, according to UN Global Compact.
“Now, more than ever, as many African economies begin to take center stage and the private sector becomes a transformative force in social, political and economic agendas, investment and business activity must be responsible – bringing value not just financially, but also in social, environmental and ethical terms,” said Georg Kell, Executive Director of the UN Global Compact. “It is crucial that corporate ownership, driven by indigenous African firms and strong partnerships on the ground at various levels, commit to push forward this agenda,” he added.
Launching the Africa Strategy, Elias Masilela, CEO of Public Investment Corporation and Member of the UN Global Compact Board, urged that “African businesses must be agents of change on the continent. The strategy needs to be owned by companies on the continent.”
Already, more than 500 companies and other stakeholders are participating in the UN Global Compact across 35 countries, and 17 African Local Networks are helping to enhance understanding of sustainable business practice in the national and regional context. Yet, this constitutes only a fraction of the 8,000 companies and 4,000 stakeholders that are engaged worldwide in the Global Compact.
Moving forward, the Global Compact will focus on engaging more companies in Africa to embed its universal principles, so that a critical mass of companies joins the global movement to conduct business responsibly. The Global Compact will also work with the private sector to urge Governments to provide the right incentives and enabling environments for business to thrive, according to UN Global Compact.
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