The FINANCIAL -- Corporate Social Responsibility in a Global Economy, a new paper issued by the Norwegian Ministry of Foreign Affairs aims at raising awareness about social responsibility in both the private and the public sectors and at strengthening the CSR commitments of Norwegian companies.

The paper was originally submitted by the Ministry to the Norwegian Parliament (Storting) in January 2009.

"Identifying three key areas for action, the white paper expresses the Norwegian Government's commitment to exercising social responsibility in its own activities; conveys society’s CSR expectations to Norwegian companies; and outlines options of developing and influencing the framework for CSR, both nationally and internationally," Global Compact reported.

In light of the economic downturn the document further stresses that CSR efforts are important regardless of the economic situation at hand, and that companies can strengthen their long-term competitiveness and position by building responsible relationships.

Corporate Social Responsibility in a Global Economy identifies the Global Compact as an important global framework for CSR, and expresses the government’s continued commitment to supporting the initiative. Currently, the Global Compact includes 36 Norwegian participants. Following the Global Compact's launch in 2000, companies in Norway, Sweden, Denmark, Finland and Iceland have formed a Nordic Network, which meets twice a year to discuss practical experience and dilemmas related to the principles.

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