Private sector to play “important role” in helping least developed countries
The private sector has an increasingly important role to play in boosting development in the poorest countries across the world according to the United Nations Global Compact office.
Forty-eight states, mainly in Africa, are recognized as the least developed countries or LDCs, suffering from poverty, under-investment and poor infrastructure.
Georg Kell, the executive Director of Global Compact, an organization that promotes good corporate governance, says the private sector is key to the future development of LDCs.
“Successful development ultimately means, of course, sufficient private investment to enable broad-based growth. In order to achieve that, you need entrepreneurship. Any you need connections with the rest of the world, including the infusion of foreign direct investment, which often brings technology, know-how and access to markets.”