creates a foundation for market-friendly policies that deepen economic reform and enhance national competitiveness. It has many applications, but is typically geared toward improving the investment climate, removing constraints to development, or formulating industries-specific policies.
Governments that listen to the private sector are more likely to design credible reforms and win support for their policies. They further diversify their sources of information and promote evidence-based policy. Business, for its part, seeks government’s assistance in establishing a lowcost, predictable business environment. Talking together on a regular basis helps build trust and understanding between the sectors.
Structured, transparent private sector engagement is a force to counter policymaking that occurs through back-room deals involving a select few. The loudest voices rarely speak in the best interests of private sector growth as a whole, or have broad-based development goals in mind. By contrast, multi-stakeholder platforms shed light on the workings and performance of government institutions and build legitimacy for collaborative decision-making.
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