Prague, Aug 17 IANS | 1 year ago

The lesbian, gay, bisexual and transgender (LGBT) community is rich and has a high disposable income that makes it attractive in times of recession, according to a business forum held here.


The third edition of the Prague Pride Business Forum discussed several issues, ranging from corporate responsibility to how to maintain a safe and diverse workplace, Xinhua reports said.

The forum held Thursday discussed diversity in business, niche markets and the so-called "pink dollar", which describes the purchasing power of the LGBT community.

Experts from a range of countries, including the US, Britain, the Netherlands, the Czech Republic spoke at the meeting.

The experts said research shows that the LGBT community is rich and has a high disposable income.

This makes the LGBT community particularly attractive in times of recession, they said.

However, there has not been many local companies showing their interest in the LGBT community, but experts hope that will improve in the future.

The experts also spoke on corporate responsibility and how to maintain a safe and diverse workplace.

Armin Borries, the openly-gay chief executive officer of Clearstream Czech Republic, spoke on the importance of tolerance, openness and fairness, but also on the right to privacy.

Borries said the main focus should be on work. If a worker is doing his or her job correctly, nothing else should come into consideration.

The host, Merryn Johns, stressed that the world was moving beyond thinking of corporate responsibility as a cost, but rather where emphasis on diversity can be used as a way of enhancing profit.

(Posted on 17-08-2013)