This shared equity in the global market place also places enormous responsibility upon both the public and the private sectors. The need for integrity in the private sector, the fight against corruption and the promotion of good governance and transparency have now become a global concern and an integral component to the development of democratic institutions and open economic systems around the world. Highly developed rule of law for business and effective anti-corruption strategies are an attribute of today's most successful economies. U.S. persons, for example, who offer, promise or pay a bribe to any public officials can be found guilty of crime, resulting in possible jail sentences and substantial fines. These problems not only increase the costs and risks of doing business in corrupt countries, but also the ability of small and medium size enterprises to grow and develop.
Corruption hinders growth of domestic business just as much as acquiring foreign direct investment.
Our meetings yesterday and today highlighted that there is high correlation between the existence of corruption, the lack of strong public and private institutions founded upon the rule of law, and foreign and domestic investment. The development of anti-corruption strategies in the transitional economies requires systematic and effective solutions. It requires changes in laws, building institutions, and most importantly, it requires the building of civil societies in order to discourage the cultures of corruption. Combating corruption is a constant challenge for any market economy. The strategies for building rule of law-based institutions require commitments by governments and the private sector.