This seminar's focus on the interaction of globalization and good governance in the public and private sectors is timely. As economic prosperity in the 21st century becomes more and more linked to participation in the global economy, the need to combat corruption, promote good governance, and foster integrity in the private sector, have emerged as global concerns. In fact, participants in the first preparatory seminar held in Almaty last November, agreed on the close interrelationship between transparency, good governance, and economic performance. Indeed, U.S. companies often cite the lack of transparency and fairness in the commercial environment as key impediments to doing business in many transitional countries. No country can afford to ignore the ongoing need to address their citizens' expectations for good governance.
Failure undermines the respect of citizens for their government and breeds suspicion and distrust.
Let's be clear. The stability of public institutions is undermined by corrupt insider deal making, bribery of public officials and criminal influence. These factors impede democratic processes and distort efficiencies of markets, undermining economic growth and discouraging potential investors. Just over a year ago, the Istanbul Summit Declaration underlined the importance of OSCE involvement in promoting good governance and fighting corruption. The OSCE Parliamentary Assembly led this call to action and reinforced it with the Bucharest Declaration.