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ETHICAL STANDARDS & SOCIAL RESPONSIBILITY
Next month, I’ll wind up my
presidency of AmCham, an office I’ve proudly held for two
elected terms. I thank the AmCham membership for choosing me to
represent them, and hope that our achievements will leave a positive
mark for years to come. In my opinion, our most valuable accomplishment
lies in AmCham’s role, not just in serving the business community
and by extension the economy, but in providing a model for civil
society in Egypt.
The market economies that we admire most draw their strength from
the private sector’s participation in civil society. Egypt
urgently needs to follow their example, especially at a time of
economic and political transition. Only through a partnership between
government, business and NGOs can we meet our developmental and
political goals.
The high economic growth that we’re experiencing today, which
in itself is a good thing, has had the inevitable consequence of
widening the gap in wealth distribution. But this effect can be
mitigated by cooperation and responsible action on behalf of decision-makers
within the private and governmental spheres. Indeed, the social
and political consequences of our economic transition, if ignored,
can endanger all our gains. Likewise, the unethical behavior of
even a single member of the private sector is enough to tarnish
all our efforts in the eyes of a public struggling to accept change.
Egypt’s private sector contributes over 70 percent of the
economy, but our duty extends much further. It is up to us, as Egypt’s
economic leaders, to set the standards for best practice in our
enterprises, the committees and boards on which we serve, and the
organizations whose work we initiate or choose to sponsor.
We fought to hold government accountable for its policies, and to
reform those policies to improve Egypt’s economic future.
Now, we must direct those same expectations of best practice towards
ourselves. In this regard, the private sector – through civil
society – can design and implement self-imposed accountability
mechanisms to ensure that businesses, while remaining competitive,
can perform to high ethical standards.
Global standards concerning corporate governance and social responsibility
are rigorous. Recognizing the importance of these issues, AmCham
recently established two committees to explore them. While private
sector members have traditionally contributed to charity as a means
of discharging social responsibility, the practice is inconsistent
and no longer enough.
Egyptians are beginning to learn about the democratic process. Businesses
and NGOs, if properly managed, can act as democracies in microcosm,
where people learn to work together towards agreed upon goals, to
assess their own performance along the way, to promote fair practice,
and refuse to accept anything less. We need the greater public to
directly observe and experience the advantages of a private sector-led
economy.
Right now, the promise of long-term economic reform benefits is
obscured by inflation-related anxieties, and the fact that trickle-down
economics needs time to work. It’s up to us to not only educate
average citizens as to the purpose of reform, but to see them through
a difficult time. We may have succeeded in changing economic policies,
but the more difficult work of changing the public mindset lies
ahead.
For now, the vast majority of Egyptians still have more confidence
in the old, centrally planned system, where government controls,
owns, employs, and subsidizes basic necessities. Most citizens still
do not feel the private sector offers the same degree of security.
More proof came recently, when an advertisement for over a thousand
private sector jobs was not fully answered despite rising unemployment.
If we are to gain the public’s trust, we must earn it through
our actions, by demonstrating that Egypt’s best interest is
tied to our common success in creating a competitive market economy.
To appeal to youth, our largest demographic segment, and engage
their energies, we have to show how the private sector rewards talent,
creative thinking and hard work, and that success can be gained
through merit.
Egypt’s future cannot be built without the scaffolding of
civil society, which serves specific educational, health and other
community-improvement needs, while teaching democratic conduct,
its associated ethics, and the rules of best practice.
Only through transparent, constructive action will we gain the public’s
confidence and productive participation. In the past, when we failed,
we blamed government. If we fail now, who will we have to blame?
Acknowledging and addressing our weaknesses today will lay the groundwork
for tomorrow’s strengths. Four years at AmCham have taught
me that we can do it. Egypt does not lack the talent and dedication
to turn itself around, we need only the will to work together with
integrity.
TAHER HELMY
President, AmCham Egypt
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