Balancing international investments and responsibility in human rights contest

Abstract

International investment presents a lucrative opportunity. However, it is important to strike a balance between maximizing profits and our responsibility to protect human rights. Therefore, advocating for legal accountability that obligates us to safeguard human rights and ensures that our investments benefit everyone, not just a privileged few, becomes imperative. For centuries, developed countries have gained benefits from exploiting labor and manipulating developing ones. However, the international investment industry lacks binding laws to hold its actors accountable for upholding international human rights standards. This lack of legal accountability has resulted in businesses in developing nations receiving a fraction of the fair compensation they deserve. As a result, developing regions are among the most economically deprived places in the world. These regions often lack basic necessities formulated by the UN SDGs and International human rights standards. International investors, through their local legislation and practices, are attempting to achieve a balance between profits and human rights, thereby decolonizing the system. The EU is also currently considering a corporate due diligence proposal that aims to address these injustices. If implemented, the directive would impose binding due diligence responsibilities on European companies and companies operating within the EU to ensure their supply chain operations meet a certain standard of sustainability and human rights. This represents a significant step towards ensuring fair compensation, better working conditions and basic human rights for producers in developing nations. Nevertheless, despite these advances, significant gaps persist within national criminal laws that fail to hold legal entities, particularly international corporations, fully accountable for their actions. This quasi-responsibility loophole undermines efforts to combat human rights abuses within the realm of international business operations, perpetuating a cycle of exploitation and impunity. To effectively address these shortcomings and promote genuine accountability, it is imperative to prioritize the following key areas: international business practices, supply chain management, human rights protection, quasi-criminal responsibility, sustainability initiatives, and the overarching goal of decolonization