Extractive Industries Transparency Initiative
“The process, which is currently happening, is put in place by a multi-stakeholder group of relevant interested companies from the various industrial sectors, including from the oil, gas, minerals and mining extractive industries; civilian organisations with an interest, such as green and transparency organisations; and the Government—it is lead by the Department for Business, Innovation and Skills. It puts the UK in a position to help to lead the world in high standards for the extractive industries.”
“The Select Committee on Business, Innovation and Skills is undertaking an excellent inquiry into this whole issue. I have noticed that some people who care passionately about economic development in the developing world seem to set the theoretical principle of the standard so high that they make it almost impossible for companies to invest in the developing world. It seems from the World Development Movement’s submission to the Committee that it does not want any extractive industries to operate in any part of Africa. The reality is that without those industries many countries will simply never develop their economies, and the extractive industries, operating transparently in the way that I have described, are the primary potential driver of economic development. I am talking not about aid, but about proper investment by very large companies that want to carry out extraction that is good for them and their shareholders, and good for the taxpayers of these countries. Such companies are often the biggest taxpayer in these countries and they often represent the only way in which these countries can get good tax revenue and move their economies forward as we want to see them moving forward”.