§ 9. Mr. JackTo ask the Minister of State for International Development if he will make a statement on the contribution that the private sector makes to investment projects in less developed countries. [124280]
§ Hilary BennSuccessful private investment and businesses are critical to development and reducing poverty. It is new and growing enterprises that will create the jobs and income needed by the poor.
Both domestic and foreign investment is needed, the latter often bringing with it technology, management skills, and international market access.
DFID helps in numerous ways to encourage private investment in developing countries that benefits the poor. We help governments put in place sound macroeconomic policies: improved laws, regulations and justice systems; and better health and education services. We work with international and local business, as though our support for the Ethical Trading Initiative, the Extractive Industries Transparency Initiative, and programmes to extend financial services to small enterprises.