Conference Tuesday, June 9, 2009; 09.00 to 17.15 World Trade Center, Leutschenbachstrasse 95, 8050 Zurich. Doing business in developing countries, oil, gas and mining companies are facing a harsh environment. Widespread corruption and armed conflicts are affecting returns while the population of many resource rich countries does not benefit from the underground riches. However, a new global initiative, the Extractive Industries Transparency Initiative (EITI) is paving the way out of the resource trap with a simple proposition: more transparency. As soon as the revenue flows between extracting companies and the governments of host countries can be tracked, people have a chance to hold their leaders to account.The economy reaps the benefits of reduced corruption and of a more stable investment climate – which equally holds true for the states as a whole. New players like China are to be engaged and to be encouraged to allow more transparency. The recent turmoil on financial markets have forcefully illustrated the risks inherent to intransparent systems – and how transparency leads to a win-win-situation for all stakeholders. Image: swissaid.ch. > More…

Source: Swissaid