Unleashing Entrepreneurship: Making Business Work for the Poor
How do you enhance the ability of the private sector to advance the development process?
This report offers recommendations on how major actors can modify their actions and approaches to significantly enhance the ability of the private sector to advance the development process.
The report states that:
- The private sector can alleviate poverty by contributing to the economic growth, job creation and poor people's incomes;
- It can also empower poor people by providing a broad range of products and services at lower prices;
- The primary responsibility for achieving growth and equitable development lies with the developing countries.
The report provides recommendations for:
- Governments of developing countries:
- Reform regulations and strengthen the rule of law;
- Formalize the economy.
- Governments of developed countries:
- Foster conducive international macroeconomic environment and trade regime;
- Redirect the operational strategies of multilateral and bilateral development institutions and agencies.
- Multilateral development institutions:
- Apply the Monterrey recommendation of specialization and partnership to private sector development activities;
- Facilitate access to broader financing options.
- Private sector:
- Develop linkages with multinational and large domestic companies to nurture smaller companies;
- Increase accountability in the system.
The report concludes that:
- The United Nations should sponsor the tracking of private sector development;
- An annual progress report would maintain the prominence of the Commission's overall recommendations and ensure the commitment to addressing the many issues identified here.
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