EU – Baltic States, Good for Business, Latvia, Markets and Companies

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State Secretary emphasised that businesses have a major role to play by applying responsible commercial and industrial practices in developing countries, thereby directly contributing to improving the living standards of people in those countries, mitigating climate change and supporting sustainable development of local economies.

Andrejs Pildegoviсs also noted that responsible business conduct is an integral part of the business environment in the member states of the Organisation for Economic Co-operation and Development (OECD). When considering doing business with emerging economies or the so-called developing countries, it is increasingly important to assess our own responsibility and consequences of our own actions, he said.

The Fair Trade Award is an initiative of the Foreign Ministry of giving an award to a company which observes the OECD principles and the principles of corporate social responsibility – economic, social and environmental standards – in its foreign trade and manufacturing, when working with less developed countries. This is one of the activities jointly implemented by the Ministry of Foreign Affairs, the Institute for Corporate Sustainability and Responsibility and the Latvian Chamber of Commerce and Industry as part of the European Year for development.

At the Sustainability Index award ceremony, several prizes were presented to companies which have proven themselves to be responsible businesses in various categories, for example, gender equality, openness to diversity, environment and regional development, social dialogue. The main award of the event is entitled the “Sustainability Champion”. This award goes to a company which has demonstrated the best performance taking into account all criteria.

The aim of the European Year for Development is to raise awareness with the general public about the development cooperation policy of the EU and its Member States, as well as explaining its benefits to all stakeholders.