| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/14/551 (13.05.14) |
| Publication Date | 13/05/2014 |
| Content Type | News |
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The Communication outlined a new framework to ensure the highest development dividend from private sector operations in developing countries, for the benefit all members of society – particularly women and young people. It included actions and tools to improve regulatory business environments, to accelerate the development of Micro, Small and Medium Enterprises that are essential to create decent jobs, and advocated a ‘differentiated’ approach to the private sector – providing different incentives for businesses to contribute to development. The Communication also defined principles for working in partnership with the private sector for boosting development; for example in sectors like agriculture, energy, and infrastructure, where inclusive and sustainable growth could be stimulated through blending. The Communication came in response to the European Commission’s 2011’s Agenda for Change (its blueprint to refocus its development policy to prioritise those countries and sectors most in need and where it can have the biggest impact), which recognised the private sector as a main partner in EU development cooperation. It followed extensive consultations with the EU and partner country stakeholders, including European and local private sector representatives. The private sector accounted for some 90% of jobs in developing countries, making it an essential partner in the fight against poverty. The European Commission has been a very active partner in supporting the creation of an enabling business environment and local enterprise development in partner countries and with the creation of regional blending facilities has been a leader in developing new tools for implementing private sector development. The proposals in the European Commission's Communication met with a wary response from NGOs. The plan to boost the role of the private sector in development cooperation could put efforts to reduce poverty second to the interests of European companies, said Oxfam and the European Network on Debt and Development (Eurodad). The European Commission adopted a Communication on the role of the private sector in development on the 13 May 2014 in which it defined the future direction of EU policy and support to private sector development in its partner countries. |
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| Source Link | http://europa.eu/rapid/press-release_IP-14-551_en.htm |
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| Subject Categories | Politics and International Relations |
| Countries / Regions | Europe |
