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Tuesday, 12 November 2013

ACP private sector development and support strategy conference

The Secretariat of the African, Caribbean and Pacific Group of States (ACP) held a one-day meeting on Monday 11 November at the ACP House in Brussels, to guide the preparation of a private sector support strategy for African, Caribbean and Pacific states and regions. The meeting brought together stakeholders from Europe and the ACP countries to discuss the initial findings of an ACP ad hoc working group and frame further work.
The ad hoc working group was appointed by the ACP Committee of Ambassadors following the resolution of the ACP Council of Ministers of 5 June 2013, mandating the Committee of Ambassadors among others to develop a new Strategy for Private Sector Development Support in ACP States. This comes at a time when the European Commission is preparing a communication on “Strengthening the Role of Private Sector in Achieving Inclusive and Sustainable Growth in Developing Countries” and programming of the 11th EDF is moving forward.
The need for a new strategy has been made necessary by the less than satisfactory performance of private sector support in the past and also by the significant changes that have taken place in the realm of private sector development and a paradigm change in engaging the private sector for sustainable and inclusive development. Hence, there is a need for the ACP Group to adopt a new strategy for support to private sector development and a new delivery approach that is more coherent and consistent with clearly set objectives.
The proposed strategy is based on the establishment of transformational partnerships within coherent and integrated frameworks of sustainable and inclusive development agenda’s, where the private sector will be engaged in ways that business and investment climates are more conducive, risks are better managed and transactions (financial and non-financial) are facilitated. To implement this proposed strategy, the establishment of one vehicle that could ensure coherence and effectiveness of actions to engage the private sector is recommended.

Source: ACP Secretariat