Transparency International, in conjunction with the Partnership for Central America (PCA), has launched an innovative endeavor known as the Anti-Corruption and Transparency Initiative for Central America (ACT Project). This pioneering project aims to enhance corporate honesty and foster a more inviting environment for investments across the area.
The kickoff event served as a stage for a strategic discussion about the project’s goals. It holds the promise to transform the regional business environment, fostering sustainable growth by promoting transparency and collaboration among key stakeholders and industry leaders.
In the upcoming article, explore this innovative initiative and learn about the various advantages it provides to investors within the region.
Participants and Collaborators: Fostering Confidence Through Transparency
At the launch event, PCA convened partners such as AgroAmérica, Grupo AG, Grupo Ficohsa, and Grupo Mariposa, along with Transparency International and its regional chapters, including Acción Ciudadana, Asociación para una Sociedad Más Justa (ASJ), and Fundación Nacional para el Desarrollo (FUNDE). The discussion centered on the critical role of the ACT Project in upholding the rule of law and promoting transparent business practices.
The partners reiterated their commitment to fostering transparency, combating corruption, protecting workers’ rights, and creating an environment favorable for investment. The conversation also highlighted the initiative’s goals and stressed the importance of encouraging more companies to voluntarily embrace standards of accountability and responsible business practices.
Key leaders’ statements supporting the initiative
Brian Nichols Discusses the ACT Initiative
Brian Nichols, the Assistant Secretary of State for Western Hemisphere Affairs, highlighted the importance of the initiative:
“Good governance is a cornerstone of our private sector involvement with the Central America Forward initiative. The ACT program establishes a fresh benchmark for company practices, advocating the rule of law and fostering sustainable economic development. We are honored to partner with PCA and applaud these efforts.”
Luciana Torchiaro on Fostering Ethical Practices and Investment
Luciana Torchiaro, the Regional Advisor for Latin America and the Caribbean at Transparency International, emphasized the project’s dedication to ethical practices:
“The ACT Project transcends basic compliance, as companies commit to transparency and integrity. Supported by voluntary partners, this initiative aims to reduce corruption risks and create a reliable business environment that draws global investments. We are confident that a transparent business setting will drive economic growth, enhance human capital development, and foster sustainable communities in Central America.”
Mario Bustillo on Grupo Ficohsa’s Commitment
Mario Bustillo, Vice President of Institutional Relations at Grupo Ficohsa, expressed his support as well:
“This initiative is crucial for Central America, and we are honored to support it. Transparency and ethical behavior foster trust, draw investments, generate employment, and fortify institutions. At Grupo Ficohsa, integrity and transparency have consistently been paramount. If more companies embrace these principles, we can achieve significant advancements in combating corruption.”
Synergy with the Central America Forward Initiative
The ACT Project expands upon Vice President Kamala Harris’s Central America Forward (CAF) initiative, initiated in February 2023. This initiative unveiled the Good Governance, Good Jobs Declaration, reinforcing the continued commitment of the U.S. government and PCA to address corruption and protect labor rights within the region.
The ACT Project builds upon the initiatives of PCA member companies that backed the PCA Corporate Pledge on the Rule of Law in June 2023, collaboratively aiming to advance transparency and accountability throughout Central America.
Support and Best Practices Provided by the ACT Project
The ACT Project aids participating companies in enhancing their ability, along with that of their value chains, to adopt and implement transparent business practices.
By providing best practices and technical assistance, the project enables businesses to strengthen their ethical and compliance procedures to align with global benchmarks in various fields. Companies taking part can enhance their management of fraud and corruption risks and bolster their compliance structures by adhering to these standards.
About the Partnership for Central America
The Partnership for Central America is an independent, non-governmental organization that partners with multinational companies to generate economic opportunities for underserved communities in El Salvador, Guatemala, and Honduras.
Serving as a coordinating entity for Vice President Harris’s Call to Action, it facilitates practical solutions aimed at enhancing economic opportunities, tackling challenges in climate, education, and health, and encouraging long-term investments and workforce development.
:max_bytes(150000):strip_icc()/GettyImages-2203071831-1ed4764f40ae44f985949718d7f5cd5b.jpg "https://www.investopedia.com/thmb/Vu1RIXpPvMuJPTG7Dx6ZSqroMUg=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2203071831-1ed4764f40ae44f985949718d7f5cd5b.jpg")
:max_bytes(150000):strip_icc()/GettyImages-2203347295-4e910b9f073942d1b7d94a2def64d8e2.jpg "https://www.investopedia.com/thmb/yahOp4yURU6jnZIYoyFHxrNFir0=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-2203347295-4e910b9f073942d1b7d94a2def64d8e2.jpg")