Many of the world’s global issues such as climate change, the financial crisis, food and resource security and conflict are converging at the expense of the world’s most poorest and most vulnerable people.
CARE believes there is an increasingly important role for business to play in the fight against poverty, and that as an international development organisation CARE has a responsibility to find ways of maximizing the positive impact the private sector has on poverty.
What is Private Sector Engagement?
CARE sees economic growth as a vital contributor towards the eradication of poverty, both at an international, national and at a household level.
The majority of the world’s poor have some interaction with markets as producers, workers, traders or consumers. The quality of these interactions on the livelihoods of the poor is crucial as interaction with markets has the potential to stimulate economic growth and lift families out of poverty.
Conversely, adverse market interaction will ensure that families and communities remain locked below the poverty line.
At the same time, the global operations of companies play an increasingly important role in development issues. Many companies are now embracing the need for, and the opportunities provided by, adopting new business models which have social, environmental and economic objectives.
It is therefore crucial that CARE seize the opportunities of the current environment to engage with companies and with the state as market regulator, applying its influence to shape market interactions, and stimulate inclusive growth that favours the world’s poor.