A/RES/54/204 Page 2 Emphasizing that business and industry, including corporations engaged in international business activities, can contribute substantially to a country’s economic and social development and environmental protection, and are important generators of employment and economic growth, Reaffirming the importance, in the context of national development efforts, of promoting appropriate privatization, competition, entrepreneurship and a supportive legal and fiscal framework for business so as to increase efficiency, economic growth and sustainable development, Recognizing the important role of small and medium-sized enterprises and micro-financing in supporting economic and social development, Recognizing also that a dynamic business sector is essential to economic growth, job creation, trade expansion and technology development, Recognizing further the link among effective, accountable and transparent administration of the public sector, financial transparency in the private sector, investor confidence and the stability of financial systems, 1. Takes note of the report of the Secretary-General;3 2. Encourages Governments, multilateral institutions and the private sector, including corporations engaged in international business activities, to strengthen partnerships so as to advance sustainable development through, inter alia, supporting the stable functioning of the international finance and trade system and investment flows, particularly in support of the development efforts of developing countries, as well as countries with economies in transition; 3. Encourages Governments to create an environment that enables businesses to conduct their activities in a humane, sustainable and socially responsible way; 4. Urges all Governments to create an enabling environment for business and investment, including through sound macroeconomic, fiscal and development policies, the rule of law, anti-corruption and anti-bribery efforts, and transparent business practices that promote efficiency, fairness and competitiveness in international commercial transactions, taking into account the needs of developing countries; 5. Urges the private sector, including corporations engaged in international business activities, to pursue orderly and fair business practices while adhering to and promoting the principles of honesty, transparency and accountability in international commercial transactions, with a view to contributing to efforts to create an enabling environment for business and investment; 6. Requests the international community, including the business community and relevant international bodies, to consider ways and means of promoting such principles and practices and respect for those practices by multinational companies in their operations in all countries; 7. Emphasizes the importance of a supportive international economic environment, including investment and trade, for the promotion of entrepreneurship and privatization; 3 A/54/451. /...