The United Nations Development Programme (UNDP) and the Dhaka Chamber of Commerce and Industry (DCCI) on Tuesday signed a Memorandum of Understanding (MOU) to launch a project to facilitate larger involvement of private sector in development initiatives.
The MOU, signed by Sudipto Mukerjee, UNDP Country Director, and Abul Kasem Khan, DCCI president, will create a platform to collect data on the current impact of Private Sector on sustainable development, said a UNDP press release.
Together, UNDP and DCCI will use the data to design new initiatives that will simultaneously meet Bangladesh’s development priorities and corporate goals.
"As the largest and most vibrant chamber body of Bangladesh, DCCI has been playing an important role for the development of business sector and is engaged in advocating research based policy proposals on various trades, industry and commerce related matters,” said DCCI president Abul Kasem Khan
“In this endeavour, DCCI has been a forerunner in creating many initiatives and platforms for the improvement of business environment in Bangladesh. We view this new partnership as a crucial tool for our members to maximise their corporate goals while also contributing to the country’s development.”
The signing of this agreement signals a new era of cooperation between UNDP and Private Sector companies. This new direction is already producing tangible results through the work of the Innovation Hub, an alternative partnership model for Private Sector engagement launched in 2017 by UNDP and the United Nations Volunteers (UNV) Programme, said the press release.
The Project on Public Private Innovation will feature a Data Analytics Hub which will quantify Private Sector contributions to Bangladesh’s Social, Economic and Environmental development.
The 2017 pilot will be funded by the UNDP Bangkok Regional Bureau for Asia-Pacific. The Centre will also contain a Research and Development (R&D) Hub to encourage sustainable and profitable use of locally sourced products, according the press release.
“We know that 80 per cent of all development resources come from private sector in the form of employment, research and technological innovation. This is not going to be any different for Agenda 2030, but we will collect data more systematically to track the progress,” said Sudipto Mukerjee, UNDP Bangladesh Country Director.
Private sector’s key role in development was formalized in September 2015 with the introduction of SDG Agenda 2030. Private sector stakeholders were directly involved in the formulation of the Sustainable Development Goals (SDGs).
This joint Agenda sets the opportunity for Private Sector to simultaneously earn profits while contributing to national priorities, the press release added.