This week the Hon Julie Bishop MP, the Minister for Foreign Affairs launched a new strategy to enhance the Australian Government’s engagement with the private sector across all areas of the aid program. Engaging the Private Sector: Creating Shared Value Through Partnership invites business to work with the Australian Government to collaborate with the aid program and implement sustainable solutions that tackle development challenges whilst delivering commercial returns.
The Strategy recognises the private sector as a driver of economic growth, incomes and jobs, and as a partner for government to achieve more effective and sustainable aid outcomes. Three new initiatives will accompany the Strategy to scale up DFAT’s ability to collaborate with business, acknowledging that the private sector has the means and increasingly the motivation to contribute to development outcomes as part of their core business.
Read the announcement from the Hon Julie Bishop MP, the Minister for Foreign Affairs and download the Statement
Engaging the private sector in aid and development
This is the Government’s invitation to the private sector to work with them on social and economic development challenges in our region. The concept of shared value forms the basis of DFAT’s vision. By bringing the private sector in as a core partner in delivering support to their partner countries, they are opening up a world of new possibilities across their priority investment areas.
The Shared Value Project joins leaders at the DFAT private sector engagement launch
Peter Yates AM, Chair of the Shared Value Project with Minister Bishop at the private sector engagement launch event in Sydney
On Monday 31 August, the Hon Julie Bishop MP launched the Ministerial Statement at Westpac’s Sydney headquarters. The event included a breakfast reception for CEOs of UN Global Compact member companies and partners, including Shared Value Project Chair Peter Yates AM. The reception provided a unique opportunity for Minister Bishop and DFAT Secretary Peter Varghese to hear from private sector leaders on their motivations for collaborating with DFAT in development.
The reception was followed by the launch of the Ministerial Statement attended by over 170 business, government, and civil society leaders from Australia and abroad, including Shared Value Project Executive Director Helen Steel, and Shared Value Project members including IAG, Nestlé Australia and Social Ventures Australia.
“This morning was a tremendous milestone in the evolution of shared value from a concept to a reality among leading companies in Australia and now government.”
– Peter Yates AM, Chair of the Shared Value Project