G20 Seoul Development Consensus for Shared Growth (Annex I), 11-12 November 2010

Sectors : Economic governance and public finance management, Financial Institutions, markets, services and microfinance, Investment, Employment and Training, International trade: market access, subsidies and aid for trade, Domestic resource mobilisation, Food security, Infrastructure General
Organisation : G20
Date made: 
2010
Level: 
Heads Of State
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“We therefore commit ourselves to a Multi-Year Action Plan to achieve these objectives.  This Plan will be based on the following principles, intended to capture the key characteristics of our actions and policies:

1. Focus on economic growth.  Be economic-growth oriented and consistent with the G20 Framework for Strong, Sustainable and Balanced Growth, which requires narrowing of the development gap. More robust and sustainable economic growth in LICs will also go hand-in-hand with their capacity to achieve the MDGs.  Actions and policies should have the capacity to significantly improve the prospects for inclusive, sustainable and resilient growth above business as usual.”

 
Scope: 
International

“We therefore commit ourselves to a Multi-Year Action Plan to achieve these objectives.  This Plan will be based on the following principles, intended to capture the key characteristics of our actions and policies:...

...4.      Private sector participation. Promote private sector involvement and innovation, recognizing the unique role of the private sector as a rich source of development knowledge, technology and job creation. Encourage specific ways to stimulate and leverage the flows of private capital for development, including by reducing risks and improving the investment climate and market size”.

 
Scope: 
International

Commitments in: Infrastructure - Infrastructure General

“In close consultation with our developing country and LIC partners, as well as relevant international and regional organizations with development expertise, we have also identified nine areas, or “key pillars,” where we believe action and reform are most critical to ensure inclusive and sustainable economic growth and resilience in developing countries and LICs.  These areas are: infrastructure, private investment and job creation, human resource development, trade, financial inclusion, growth with resilience, food security, domestic resource mobilization and knowledge sharing. Creating optimal conditions for strong, sustainable and resilient economic growth in developing countries will require reform and transformation across each of these interlinked and mutually reinforcing key pillars.”

Scope: 
International