Business opportunities and social responsibilities

Wednesday, 13 November 2013 00:34 - - {{hitsCtrl.values.hits}}

By Shabiya Ali Ahlam Science, technology, and discovery have certainly reached contributed to the development of the world, but with that the earth’s natural resources are on the verge of depleting. Senior Minister for Human Resources D.E.W. Gunasekera at a session on ‘Business and Society’ at the Commonwealth Business Forum yesterday chaired by Coaching Foundation India CII Southern Region Past Chairman Pradipta K. Mohapatra, stressed that with the exploitation of natural resources, new problems are emerging. Sustainability

“With the accelerated rates of development, physical resources remain a concern. Speaking on behalf of the Government, we have witnessed so much improvement in our infrastructure, unprecedented in our history since independence. While human, economic and physical developments require financial resources, they should take place in a sustainable manner,” he stressed. Pointing out on how Sri Lanka encourages social responsibility, Gunasekera proudly told audience that the Government has facilitated through its budgets a series of concessions to encourage social development in the country. Ethical practices and good governance Sharing the success of Sri Lanka in this arena, Brandix Lanka Director Udena Wickremesooriya said that the local apparel industry is in a distinctive position today due to the ethical practices and the good governance that the industry has in place. “Initiatives such as Garments without Guilt and Go Green have enabled the country to be identified as one of the best apparel manufacturers in the world.” Rosemary Kirkby Associates Australia MD Rosemary Kirkby said that most corporates operate with charitable donations and corporate philanthropy on one hand and the creation of shared values on the other. “Organisations which ignore the shift from corporate social responsibility and shared value are increasingly vulnerable to attack. With this they are also ignoring the new revenue opportunities that arise from the shared value approach,” stressed Kirkby. Socially and environmental responsibilities Meanwhile, GoldShield USA Chairman/CEO Thomas L. Higgins said that one of the biggest concerns is that graduating business school students are single-minded towards profit margin. For business to have a positive impact on the society, he said this has to be addressed. Speaking on instances where social responsibilities have turned into business opportunities, in the late 80s, conventional cotton occupied about 55% of the cultivated lands around the world where it was receiving an access of 50% of insecticides. While these chemicals were hazardous to birds and animals, an alternative approach was necessary. The Government of the USA having motivated farmers to switch to organic practices, the firm cooperation where relevant stakeholders made a commitment to be socially and environmentally responsible helped address the issue, he said.