Annan says Egypt can inspire Arab world in good corporate practices

Egypt's business community can serve as a model for the rest of the Arab world by embracing the Global Compact, an initiative aimed at making globalization work for the world's people, United Nations Secretary-General Kofi Annan said today in a message to mark its launch in Cairo.

The Secretary-General said Egyptian businesses could boost their customer base, improve the morale of their staff and give themselves a competitive advantage in the workplace by aligning their operations to the values of the Compact.

In a message delivered on his behalf by Iqbal Riza, the UN Chef de Cabinet, Mr. Annan said joining the Compact brings practical business benefits as well as a sense of ethical responsibility.

The Global Compact, launched at the 1999 World Economic Forum in Davos, Switzerland, requires corporations to adhere to nine core principles in such areas as human rights, labour and the environment. More than 1,200 companies, including many of the world's largest, from 70 nations participate in the Compact.

Today's launch in Cairo, before an audience of some 200 representatives of business, government, civil society and labour, is the first of its kind in the Arab world.

“The recognized excellence in leadership, the quality of Egyptian products, and the skill and professionalism of the country's workforce are widely admired,” Mr. Annan said in his message.

The Secretary-General added he was “confident that the Global Compact will take root and blossom” throughout the Arab region.