the article is not available in English language.
Bribery is a modern day scourge on international trade. At a time when so many people are struggling through an economic downturn, bribery is a very real disease threatening our prosperity. It poses a serious challenge to the development of economies and contributes to market failure. It distorts competition, damages free enterprise and blights business. It stifles talent and innovation and kills entrepreneurship. In many cases it is the poorest in society who are hit the hardest.
For business, bribery is a threat that needs to be actively managed, like fraud or embezzlement. Corruption adds up to 10% to the total cost of doing business globally, and up to 25% of the cost of procurement contracts in developing countries.
Doing business in corrupt markets has been found to add costs equivalent to a 20% tax on business. In 2010 and 2008, roughly a fifth of surveyed executives reported that they had been asked to pay a bribe, with a similar proportion reporting that they had lost business to a competitor who paid bribes.Read More »Foreign Secretary on Bribery Act