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Zimbabwe

Volume 448: debated on Wednesday 28 June 2006

To ask the Secretary of State for Trade and Industry what his policy is on investment by UK companies in Zimbabwe; and what steps he is taking to improve standards of corporate behaviour in Zimbabwe. (78630)

The EU does not have economic or trade sanctions with Zimbabwe, and therefore we do not place any barriers on investment in Zimbabwe. UK companies will take decisions on investing in Zimbabwe on the basis of their commercial assessment of those investments.

There are no specific initiatives to improve corporate behaviour in Zimbabwe. HMG are however committed to promoting responsible business practice by British companies wherever they operate. We do this through a combination of sector-specific activities, such as;

The extractive industries transparency initiative, which aims to increase transparency over payment by companies to Government and Government linked entities, as well as transparency over revenues by those host country Governments.

The voluntary principles on security and human rights which aims to maintain the safety and security of extractive operations, whilst ensuring that human rights and fundamental freedoms are respected.

HMG also support international organisations active on corporate responsibility such as the UN global compact, which seeks to promote responsible corporate citizenship so that business can be part of the solution to the challenges of globalisation.