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OTTAWA, ONTARIO -- (Marketwire) -- 03/07/13 -- The Harper Government will broaden and deepen its engagement with the private sector in order to achieve sustainable economic growth and reduce poverty in developing countries, reiterated the Honourable Julian Fantino, Minister of International Cooperation, today upon the tabling of the Government's response to Driving Inclusive Economic Growth: The Role of the Private Sector in International Development, a report of the Standing Committee on Foreign Affairs and International Development.

"Canada can help stimulate private sector-led sustainable economic growth that can lift people out of poverty," said Minister Fantino. "In line with this report, the Harper Government will continue to promote private sector partnerships in development, in turn spurring business growth, creating jobs, and generating tax revenues that fund basic social services."

The Canadian International Development Agency (CIDA) works to assist its development partners to create the conditions for strong and sustainable private sector-led growth through CIDA's Sustainable Economic Growth Strategy. The strategy's three paths-building economic foundations, growing businesses, and investing in people-target the main prerequisites to achieving private sector-led sustainable economic growth and poverty reduction.

In the response, the Government wholeheartedly agrees with the committee's conclusion that "private companies can contribute to long-term poverty reduction" in developing countries. Consistent with the report, the Government of Canada will examine ways to leverage private sector resources (recommendations 1 to 4), innovation, and know-how to help move people in developing countries from poverty to prosperity. The Government will also work to deepen and broaden its efforts in sustainable economic growth (recommendations 5 and 6), and to help developing countries capitalize on opportunities in the responsible development of their natural resources (recommendations 7 to 10) and financial services sectors (recommendations 11 to 14) to maximize development results. Ultimately, the Government of Canada wants to help families in developing countries have increased access to food, health-care and a better quality of life.

Please visit the CIDA website for more information about how the private sector is an important partner in achieving CIDA's goal to help people living in poverty.

Backgrounder

The Government of Canada is committed to working with the private sector to support international development. In tabling its official response to the report of the Standing Committee on Foreign Affairs and International Development, Driving Inclusive Economic Growth: The Role of the Private Sector in International Development, the Government of Canada commits to strengthening and engaging the private sector as a partner in development.

Some examples of how the Government of Canada is strengthening the role of the private sector as a partner in development include: