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Private SectorReducing poverty and meeting the challenge of the Millennium Development Goals (MDGs) requires sustained economic growth, which is generated by the private sector. The private sector drives this growth in the transition countries by generating wealth, income and employment opportunities, and affordable goods and services. In order to harness the private sector’s energy, efficiency, creativity and capacity to finance development, the transition countries must create an environment strong enough to encourage and support entrepreneurial activities. Crucial to this environment are sound and stable legal and institutional foundations, which include simple and transparent procedures on business entry to markets, enforceable laws and straightforward access to finance. Businesses in the transition countries face different challenges than those operating in rich countries. They have greater regulatory burdens, higher administrative costs, increased bureaucracy, fewer property rights, and higher capital costs. Increasingly, the public is demanding that businesses practice social corporate responsibility, i.e. be accountable to their communities in terms of the social, economic and environmental impacts of their activities. In response, businesses are realizing that when they align their corporate objectives with social development, they can create new business opportunities—resulting in a win-win situation for both the businesses and the communities in which they operate. These kinds of win-win situations are rapidly emerging in the transition countries, driven by European integration, the growth of modern markets and the development of civil society promoting sustainable development. More companies in Europe and Central Asia are committing to the ten principles outlined in the UN Global Compact and are partnering with non-governmental organizations to jointly tackle the challenges of sustainable development.
Community of Practice The Bratislava Regional Centre aims at enhancing the capacity of the Regional Community of Practice on Private Sector to be active in identifying and developing regional and sub-regional project initiatives, strengthening its role in knowledge management, creating stronger linkages between regional and country-level projects on Private Sector to enhance impact and sustainability, and supporting multi-country initiatives generated by country offices.
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Latest newsInterview with Henry Jackelen, Director of UNDP Private Sector Division, Partnership Bureau
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