Economy

Responsibility a must for firms

By Yang Cheng (China Daily)
Updated: 2010-09-09 13:34

XIAMEN - Governments throughout the world should enhance cooperation to enhance the flow of global investment, Tata Steel Vice-Chairman B Muthuraman said during the World Investment Forum.

The vice-chairman, speaking to participating senior government officials on behalf of global industry and business circle, also urged enterprises to strengthen their efforts to promote corporate social responsibility, which he said makes international investment sustainable.

B Muthuraman, vice-chairman of Tata Steel

As a multinational corporation, Tata is committed to boosting its presence in China, Muthuraman said.

"Each Tata company of the group operates independently with independent plans, but they all hold a firm belief to grow with China."

Last year, the Tata Group's sales in China reached $1.4 billion, while the purchase value was $1 billion.

This year, the vice-chairman expects the sales volume to hit $2 billion in China, while the purchase value will stand the same as last year.

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Tata Steel's subsidiary company, NatSteel Xiamen, started work on a downstream value-added facility in this coastal city recently, which will make ready-made and pre-designed construction bars to projects.

It has plans to double its current production capacity of 600,000 tons per year in the near future.

The industry guru also advised global delegates to the forum to become part of society and make a commitment to corporate social responsibility, which he called "the key to the success for an outstanding company in all cultures and environments."

Last October, Tata sponsored operations of repair cleft palates for more than 90 children in China.

The company pledges to channel more fund in corporate responsibility.