Thailand is aiming to be the first in Asia to have a national operation plan for the implementation of the United Nations Guiding Principles on Business and Human Rights (UNGPs), Justice Minister Somsak Thepsutin said on Friday.
Drafted by the Rights and Liberties Protection Department, the operation plan is being deliberated on by the cabinet which is expected to approve it very soon, he said.
Among the key measures included in the operation plan is the principle of sustainable financing, in which financial institutions will be urged to promote the practice of responsibility in doing business when considering applications for loans, environmental and social responsibilities, and corporate good governance, he said.
This will be an element in sustainable investment promotion, he said, adding that businesses will be encouraged and supported to contribute more to the protection of public interest, he said.
Mr Somsak was speaking at the 3rd National Dialogue on Business and Human Rights Sustainable Financing held on Friday.
Economic growth may sometimes lead to significant problems such as income inequality, damage to natural resources and human rights violations, said the minister.
Several large-scale investment projects, for instance, are facing complaints lodged by communities affected by their activities, he said.
“The government treats business and human rights [promotion] as a key activity under its national agenda on human rights,” Mr Somsak said.