GATINEAU, QUEBEC--(Marketwired - Feb. 20, 2014) - Foreign Affairs, Trade and Development Canada
The Honourable Christian Paradis, Minister of International Development and Minister for La Francophonie, met today with representatives of Canadian businesses to consider opportunities to form partnerships designed to reduce poverty in developing countries.
"We seek to form solid partnerships with the private sector characterized by mutual cooperation, respect, and trust to create an environment where the full resource potential of developing countries is sustainably developed," said Minister Paradis. "The ideas and proposals put forward today will help us to break the cycle of poverty and dependence."
Participants discussed a wide range of ways to involve the private sector in development. These included guarantees to promote investment, subsidized loans given with more favourable terms, new partnerships to help Canadian retailers to invest in emerging markets, and other innovative means aimed at promoting involvement and investment by Canadian businesses.
"Our government seeks original, new approaches to development," said Minister Paradis. "The private sector is a vital stakeholder if we want to achieve meaningful development results. By giving businesses market access, and by encouraging investment, innovation, training, and trade, we favour economic growth in developing countries."
Canada's Economic Action Plan 2014 reiterates Canada's commitment to governance, coherence, and aid effectiveness. This translates, most notably, into concrete efforts to deepen the Government of Canada's involvement with the private sector to assist communities living in poverty.
- In view of increasing recognition of the importance of the private sector in development, Canada has intensified its efforts to cooperate with the private sector, to help to improve the lives of the poor.
- Canada wants to join forces with the private sector's strength, resources, and innovative spirit to assist those who are most vulnerable. This approach makes it possible to improve job opportunities and to generate more investment and resources, thus helping to increase people's productivity and well-being.
- Canada is expanding and strengthening its cooperation with the private sector to promote sustainable economic growth and to reduce poverty in developing countries. Among other things, the strategy comprises finding ways to develop the private sector's resources, innovative spirit, and expertise to help populations in developing countries to:
- seize opportunities for responsible development of their natural resources and facilitate access to financial services;
- expand efforts aimed at sustainable economic growth; and
- rise from poverty to prosperity.
For more information about Canada's development efforts, visit Private Sector and Development.
For more information about TFO Canada, visit TFO Canada.
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Minister Paradis discusses future cooperation with Canadian private businesses
The private sector and development
The Government of Canada is committed to working with the private sector to support international development. In tabling its official response to the report of the Standing Committee on Foreign Affairs and International Development, Driving Inclusive Economic Growth: The Role of the Private Sector in International Development, the Government Canada commits to engaging the private sector and strengthening the latter's role as a partner in development.
The private sector drives sustainable economic growth and its participation is vital to achieve meaningful development results that lift people out of poverty and put them on the road to prosperity. The private sector is the main avenue for creating jobs and generating tax revenues that fund basic public services, as well as goods and services needed to improve people's quality of life.
Here are some examples of how the Government of Canada is strengthening the role of the private sector as a partner in development:
- Canada is a significant contributor to the G-8 New Alliance on Food Security and Nutrition, which aims to attract private investment for inclusive agricultural growth that will lift 50 million Africans out of poverty over the next 10 years. To date, 21 African and 27 multinational companies have signed letters of intent aimed at making investments along the entire agricultural value chain, from farm to table.
- Canada also supports the Canada Investment Fund for Africa, which provides risk capital to support investment in Africa across several sectors of the economy.
- Canada supports the Trade Facilitation Office (TFO Canada) and Canadian Executive Service Organization,working with the BRANDAID Project, to rebuild exports from Haiti's artisanal craft work sector following the 2010 earthquake.
- Canada is collaborating with Mennonite Economic Development Associates to augment agricultural opportunities and rural enterprise in Ethiopia. By focusing on high-potential products such as rice and handwoven textiles, the project expects to improve livelihoods for those in 10,000 rural households, or 50,000 people.
For more information about the private sector and development, visit the Private Sector and Development section of the Foreign Affairs, Trade and Development Canada (DFATD) website.
Experts in trade for developing countries
Founded in 1980, TFO Canada is a non-governmental, non-profit organization that responds to the challenge of global poverty by promoting sustainable economic development through export information, advice, and contact. TFO Canada facilitates access to the Canadian marketplace and shares Canadian trade expertise for the benefit of smaller exporters in developing countries.
For nearly three decades, TFO Canada has been the primary Canadian provider of information, advice, and buyer contacts for exporters in developing and emerging countries. Their trade experts help to build the capacity of:
- small and medium-sized businesses so that they can effectively access Canadian and global markets;
- trade-support institutions so that they can offer enhanced services to exporters; and
- the role of governments so that they can promote trade and attract foreign investment.
The services of TFO Canada are available in more than 150 countries recognized by the Organisation for Economic Co-operation and Development as eligible for development assistance. TFO Canada is active in Africa, the Americas, Asia, and Eastern Europe. TFO Canada's freely accessible Web-based Canadian market access services are funded by DFATD.
For more information, visit TFO Canada.