Symposium lays groundwork for All-ACP private sector strategy
Brussels, 20 November 2014/ ACP PSD: The High-Level Symposium on Private Sector Development Support (PSD) in African, Caribbean and Pacific Countries, which took place on 10 and 11 November 2014 at the ACP House in Brussels, Belgium, brought together more than 150 stakeholders including ACP Missions, Embassies, regional economic communities, private sector actors, international organisations, and other development partners to review a series of recommendations and agree on an “All ACP” platform for PSD.
The two day event contributed to the finalisation of the ACP Group’s new strategy for supporting private sector development in its seventy-nine member states located in six regions in Africa, the Caribbean and the Pacific.
During the Symposium, various recommendations were made for a new PSD strategy that enables a resilient, value adding private sector as an engine of sustainable and inclusive economic growth and poverty reduction in ACP Countries.
Stakeholders identified a wide range of areas that can significantly contribute to better leveraging the participation of the private sector in ACP countries.
The ACP PSD strategy will facilitate a synergistic relationship among policy makers, development practitioners, resource providers and private sector stakeholders and beneficiaries, leading, through social and environment friendly, inclusive and sustainable business models, to enhanced business activity and the creation of decent work for all within ACP States and Regions.
The symposium recognised the vastness of the informal sector in the ACP and the critical need to reduce the level of informality. It was recommended that the Informal Sector be identified as an important target group in the PSD strategy and that interventions be designed to support their growth and graduation into the formal economy.
This High-level Symposium presented an excellent opportunity for stakeholders, regional communities and practitioners to engage in a constructive discussion where all agreed, that the economic development of the states will not happen without the private sector. The Private Sector is therefore the engine for economic growth and poverty reduction in ACP Countries.
The outcome of this meeting will be submitted to the ACP Committee of Ambassadors with a view to the 100th session of the ACP Council of Ministers to be held in Brussels from 9 to 12 December 2014.
For more information please contact Dr. Maximin Emagna, Private Sector and Investment Issues Expert, +32 2 7430600 or email@example.com
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