UNDP and the private sector
Private sector is recognized as a key partner to the achievement of the universally adopted Sustainable Development Goals (SDGs). It plays an important role as an engine of economic growth and job creation in developing countries. It provides goods and services, generates tax revenues to finance essential social and economic infrastructure, develops new and innovative solutions that help tackle development challenges and it is a central actor in addressing climate change. As such, the private sector is an important strategic partner for UNDP in achieving its vision to help countries achieve sustainable development by eradicating poverty in all its forms and dimensions, accelerating structural transformations for sustainable development and building resilience to crises and shocks.
In Myanmar, the country is transitioning to an open market economy and high rates of foreign investment are transforming the business ecosystem rapidly. The government recognizes that human rights, rule of law, inclusive and sustainable economic development, and state-building are interconnected and require investments, both foreign and domestic, to be conducted responsibly. The first objective of the 2016 Myanmar Investment Law Art.3(a) is ‘to develop responsible investment in the interest of the Union and its citizens which does not harm the natural or social environment’.
In Myanmar, UNDP’s collaboration with the private sector takes various forms:
- Facilitate discussions between public and private sector and the civil society on a specific development theme or industry sector;
- Find solutions for development challenges through core business activities and initiatives that include low-income groups into value chains as producers, suppliers, employees and consumers;
- Mobilize private sector financial and in-kind resources for sustainable development solutions;
- Leverage innovative financing and partnerships solutions to mobilize private capital for the implementation of the SDGs;
- Form broader collective action initiatives involving the private sector on key development issues.
UNDP is supporting the Myanmar National Human Rights Commission to closely collaborate with government representatives from different ministries to integrate human rights considerations into all existing and new regulation of business and investment. For doing so, UNDP is advocating for using the UN Guiding Principles on Business and Human Rights.
UNDP is advancing on formalizing partnerships with private sector partner to accelerate the achievement of SDGs.