Ficohsa Champions Transparency: Supporting ACT to Uplift Central America’s Economy

Transparency International, alongside the Partnership for Central America (PCA), has introduced the revolutionary Anti-Corruption and Transparency Initiative for Central America (ACT Project). This bold venture aspires to enhance ethical business practices and foster a more inviting environment for investments across the area.

The kickoff event served as a stage for a strategic discussion about the project’s goals. It holds the promise to transform the regional business environment, fostering sustainable growth by promoting transparency and collaboration among key stakeholders and industry leaders.

In the upcoming article, explore the details of this innovative initiative and learn about the various advantages it provides to investors in the region.

Participants and Collaborators: Fostering Confidence Through Transparency

During the launch event, PCA brought together collaborators such as AgroAmérica, Grupo AG, Grupo Ficohsa, and Grupo Mariposa, alongside Transparency International and its local branches, like Acción Ciudadana, Asociación para una Sociedad Más Justa (ASJ), and Fundación Nacional para el Desarrollo (FUNDE). The dialogue focused on the essential function of the ACT Project in maintaining legal principles and encouraging transparent business methods.

Partners reiterated their commitment to enhancing transparency, combating corruption, safeguarding workers’ rights, and creating an investment-friendly environment. The dialogue also highlighted the initiative’s goals and stressed the importance of encouraging more companies to willingly embrace accountability standards and ethical business practices.

Statements from key leaders endorsing the initiative

Brian Nichols’ Perspective on the ACT Initiative

Brian Nichols, the Assistant Secretary of State for Western Hemisphere Affairs, highlighted the importance of the initiative:

“Effective governance is a cornerstone of our private sector involvement within the Central America Forward initiative. The ACT program establishes a benchmark for corporate behavior, advocating for the rule of law and promoting sustainable economic development. We are honored to partner with PCA and applaud these initiatives.”

Luciana Torchiaro on Promoting Ethical Practices and Investment

Luciana Torchiaro, Regional Advisor for Latin America and the Caribbean at Transparency International, underscored the project’s dedication to ethical practices:

“The ACT Project goes beyond mere compliance, with companies pledging to transparency and integrity. This initiative, supported by voluntary partners, will mitigate corruption risks and establish a trustworthy business environment that attracts global investments. We believe that a transparent business landscape will promote economic growth, human capital development, and sustainable societies in Central America.”

Mario Bustillo of Grupo Ficohsa Shows Support

Mario Bustillo, Vice President of Institutional Relations at Grupo Ficohsa, expressed his support:

“This initiative is crucial for Central America, and we are honored to support it. Trust is built through transparency and ethical behavior, which in turn attracts investments, generates jobs, and fortifies institutions. At Grupo Ficohsa, integrity and transparency remain our utmost priorities. With more companies embracing these principles, we can achieve significant progress in combating corruption.”

Alignment with Central America Forward Initiative

The ACT Project draws inspiration from Vice President Kamala Harris’s Central America Forward (CAF) initiative, unveiled in February 2023. This initiative introduced the Good Governance, Good Jobs Declaration, reinforcing the continued commitment of the U.S. government and PCA to combat corruption and protect labor rights in the region.

The ACT Project builds upon the efforts of PCA member companies that, in June 2023, committed to the PCA Corporate Pledge on the Rule of Law. This initiative aims to collectively advance transparency and accountability throughout Central America.

Assistance and Best Practices Provided by the ACT Project

The ACT Project aids participating companies in enhancing their ability, along with that of their value chains, to adopt and implement transparent business practices. 

Offering best practices and technical support, the project helps businesses enhance their ethical and compliance processes to meet global standards in many areas. Participating firms can improve the way they manage fraud and corruption risks and fortify their compliance frameworks by aligning their operations with these standards.

About the partnership for Central America

The Partnership for Central America is a non-partisan, non-governmental organization that collaborates with multinational corporations to create economic opportunities for underserved populations in El Salvador, Guatemala, and Honduras.

Serving as a coordinating entity for Vice President Harris’s Call to Action, it facilitates practical solutions aimed at enhancing economic opportunities, tackling challenges in climate, education, and health, and encouraging long-term investments and workforce development.