Building Public Trust to Improve the Business Environment Webinar (July 20)
Investors and businesses need clear, transparent, enforceable, and efficient rules to operate effectively in the marketplace. Research shows that entrepreneurship, new firm entry, existing business growth, and overall investment thrive most in stable and predictable environments, where there is trust among actors. A strong business environment often also translates into more jobs in the market. Increased investment and business entry, formalization, and productivity can imply more government revenue and a more vibrant private sector that is empowered to help solve development challenges. All this lays the foundation for achieving one of the foremost goals of international development—reducing inequality and poverty.
However, in all income and development contexts, corruption erodes trust and private sector development efforts overall. It stymies growth by prompting businesses to adapt to the adverse operative context by engaging in corrupt practices, exiting the market, or becoming/remaining informal. And the cost is heavy; the United Nations estimates it to be at least $2.6 trillion, or 5 percent of the global gross domestic product.
How do we improve the conditions for private sector development?
This external USAID-funded Trade and Competitiveness Activity and Marketlinks webinar with experts from the international development community discussed how development partners can build trust between the public and private sectors in their partner countries. Participants gained insights on private sector needs and emerging development practices—that foster transparency, accountability, and public trust—to improve the business climate, promote investor confidence, and spur economic growth. Topics included:
- Hearing from firms—leveraging technology to facilitate and systematize public-private dialogue
- Ensuring inclusion—promoting broad private sector representation in dialogue
- Addressing the problem—improving institutions and rules to reinforce private trust
- Shifting the landscape—abating corrupt practices and promoting fair competition
Date: Wednesday, July 20, 2022
Time: 9:00 a.m. - 10:30 a.m. EDT