The Dominican Republic has formally entered the United Nations Global Pact and is thus obliged to push business management in conjunction with civil society in order to promote social and environmental principles of a universal nature and face the challenges of globalization. According to El Caribe, President Fernandez headed the ceremonies at his Global Foundation headquarters. The Dominican Republic is the seventh nation in Latin America and the Caribbean to join this initiative. Speaking at the ceremony, Presidential Minister Luis Manuel Bonetti, who is also director of corporate relations for the Global Foundation, said that over 200 Dominican companies have declared their commitment to take on the responsibilities of corporate society. The idea of the Global Pact is the development of “a world economy that is more sustainable and inclusive.”