Mr Galea was speaking at a conference organised by the Malta Chamber of Commerce. He said corporate social responsibility (CSR) is considered to be a good tool for achieving all these goals.

Corporate Social Responsibility is a complex-sounding term for what is in fact a relatively simple idea, said Mr Galea. The European Commission defines CSR as “a concept whereby companies integrate social and environmental concerns in their business operations and in their interactions with their stakeholders on a voluntary basis”.

“At present, corporate social responsibility should not be a mandatory obligation defined by strict legislation but it should take off as a campaign in which sustainable development is the core focus of business,” he said.

Mr Galea said sustainable development can be defined as a process that while meeting the requirements of the present does not diminish the ability of future

generations to meet their own needs.

“Therefore, this concept is all about opportunities, not about obligations or new rules. It is about ways in which one can add value to one’s business by taking a closer look at some of the social and environmental aspects of the commercial operations,” he said.

Mr Galea said local industry acknowledged that those engaged in the production of goods or services also have a duty-of-care responsibility with regard to the well-being of the environment.

He said his ministry was putting an emphasis on the convergence between the quest for competitiveness and the application of environment-friendly methodologies of management.

The pursuit of sustainability, said Mr Galea, sought to promote business benefits and developmental goals that constitute powerful drivers for stimulating corporate performance, enhance economic efficiency, and ultimately, boost competitiveness, without jeopardising the vitality of our sources of wealth and social well-being.