Brussels, 10/11/2014 (Agence Europe) - Support for private sector development in ACP countries (Africa/Caribbean/Pacific) as a vector for growth and eradicating poverty, is the theme of a high-level symposium organised on Monday 10 and Tuesday 11 November in Brussels by the Secretariat of the group of 79 ACP countries cooperating with the European Union in the Cotonou Agreement.
Representatives from the private sector, ACP embassies and missions, as well as regional and EU economic organisations and other development partners will examine this subject together. Their aim is to adopt a platform for common action to stimulate growth and expansion of the private sector throughout ACP countries and regions.
To achieve this aim, participants will identify the most appropriate forms of action to improve the business environment in ACP countries and support the growth of micro-firms and SMEs through accessing funding and the regional and international markets. They will also explore implementation mechanisms and instruments, such as the use of sovereign wealth funds and the greater involvement of the private sector in development.
The result of this reflection will be used to finalise the new strategy for supporting the private sector in development in ACP group countries and putting into practice innovative ideas and approaches, as well as new partnerships. The symposium will formulate recommendations to get the private sector development strategy up and running in ACP countries and regions, and these will be submitted to the ACP Council of Ministers in Brussels on 9-12 December 2014.
The private sector's essential role of creating jobs, promoting economic development and fighting poverty has achieved increasingly broad levels of consensus. This role is vital in ACP countries because it helps put millions of people back on the road to pursuing an economic activity. Enhancing the private sector's role in tackling poverty in EU development partner countries is at the heart of the communication presented on 13 May last by the European Commission, which called on the EU to propose a strategic action framework in this area, an initiative on which the Council of the EU agreed, as long as the private sector is provided with the appropriate framework. (EUROPE 11106) (AN)