KARACHI, Nov 30: Pakistan Business Council for Sustainable Development (BCSD) was launched on Thursday at a ceremony in which President of the World Business Council for Sustainable Development (WBCSD) Mr Bjorn Stigson signed a memorandum of understanding with the top business executives of Pakistan State Oil and other Pakistani companies.

Some 190 companies from 30 countries of the world, which represent 20 major industrial sectors sharing a total market value of $6 trillion, have got together in the fold of WBCSD with a commitment to create catalyst for change towards sustainability.

In his presentation Mr Stigson defined the role of business in future society and declared in clear terms that business cannot flourish in a failed society.

A failed society, he elaborated, has scant respect for rule of law, is characterised by corruption, which ruins a company and undermines its freedom to act. It also hampers market abilities to promote fair competition and technological advances and impedes social and economic development often affecting the poorest segment of the society, WBCSD chief added.

The question answer session focussed on Pakistan specific issues.