Trinidad & Tobago is developing a National Corporate Social Responsibility Policy.
Trade Minister Stephen Cadiz made the announcement to reporters Thursday at the post cabinet news briefing. Cadiz said the United Nations Development Programme (UNDP) is putting $2 million into the project; Government will contribute $140,000.
Cadiz said internationally-based companies have sought to implement Corporate Social Responsibility (CSR) into their business models to boost competitiveness and incorporate sustainability into their core operations.
He said CSR is premised on the idea of businesses committing to give back to society and utilising CSR to attract foreign investment. He said development of such a project will cause international businesses to look at Trinidad and Tobago in a different light.
"For international businesses, when they see that you have an established CSR policy, they look at you in a different light,"Cadiz said.
Trade Minister Stephen Cadiz made the announcement to reporters Thursday at the post cabinet news briefing. Cadiz said the United Nations Development Programme (UNDP) is putting $2 million into the project; Government will contribute $140,000.
Cadiz said internationally-based companies have sought to implement Corporate Social Responsibility (CSR) into their business models to boost competitiveness and incorporate sustainability into their core operations.
He said CSR is premised on the idea of businesses committing to give back to society and utilising CSR to attract foreign investment. He said development of such a project will cause international businesses to look at Trinidad and Tobago in a different light.
"For international businesses, when they see that you have an established CSR policy, they look at you in a different light,"Cadiz said.
"So we are actually raising the profile of Trinidad and Tobago business to meet international standards. When we were in India recently, many of the companies we spoke to, which are the large corporations in India, they asked about this, what is your position on Corporate Social Responsibility."
The minister said UNDP will provide consultants and also be responsible for managing the project. The CSR office will be at the Ministry of Trade and Industry.
The minister said UNDP will provide consultants and also be responsible for managing the project. The CSR office will be at the Ministry of Trade and Industry.
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