This month we are pleased to announce the Australian Department of Foreign Affairs and Trade (DFAT) as our newest Founding Member and first government member. DFAT makes Australia stronger, safer and more prosperous by promoting and protecting the country’s interests internationally and contributing to global stability and economic growth.
DFAT has been a strong advocate for shared value and have implemented a new framework to leverage partnerships with the private sector and NFPs on their international aid programs. This new approach will create sustainable solutions that tackle development challenges whilst delivering commercial returns.
In 2015 the Hon Julie Bishop MP, the Minister for Foreign Affairs launched Engaging the Private Sector: Creating Shared Value Through Partnership, a policy that 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. A new initiative accompanied the strategy – the Business Partnerships Platform. The platform will 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.
At the 2016 Shared Value Forum in April, Simon Cramp, Director of Private Sector Development described shared value as a method to define the parameters of DFAT’s engagement and encourages scale and longevity through having profit in the conversation from the start. He also described how shared value was the key to unlocking new policy opportunities for DFAT, and provides a very clear ruler to evaluate and develop more productive partnerships.
Government plays an important role in the shared value movement and we look forward to having DFAT as part of our member network.