Partnerships for Recovery and Resilience Building - the Private Sector’s Pivotal Role
These numbers and percentages are not symmetrical for industrialized economies (IEs) and developing and emerging industrial economies (DEIE)
- July 27, 2022
- By Anna JARDANOVSKY
UNIDO’s latest Industrial Development Report (IDR 2022) shows that the COVID-19 pandemic has caused significant economic losses: world gross domestic product fell by 3.3 percent, 255 million full-time jobs were lost, and additional 97 million people were pushed into poverty.
These numbers and percentages are not symmetrical for industrialized economies (IEs) and developing and emerging industrial economies (DEIE), as UNIDO reports.
To address the issue, building partnerships is crucial.
Harnessing partnerships with the private sector for recovery
Public-private partnerships are an important and effective method to address a diverse range of global challenges, including dealing with the socio-economic effects of the pandemic through joint initiatives for skills development and upskilling the workforce.
The private sector plays a pivotal role in this arena. Its knowledge, resources, and results-oriented approach are key elements in any partnership bringing sustainable solutions to the world’s most pressing challenges.
EY Global Infrastructure Leader Bill Banks explains that partnerships with the public sector are an opportunity for increased innovation for firms. “The private sector can own and operate the facility to deliver a service to the government. It can build in synergies and innovative ways of delivering the infrastructure required to meet the service outcomes”, explains Banks.
The Learning and Knowledge Development Facility (LKDF) Partners
The Learning and Knowledge Development Facility (LKDF) is a platform by UNIDO that promotes industrial skills development among young people in emerging economies. Working with the private sector through Public Private Development Partnerships, the LKDF supports the establishment and upgrading of local industrial training academies to help meet the labour market’s increasing demand for skilled employees, ultimately contributing to inclusive and sustainable industrial development.
Watch what some of our partners have to say during our 10-year anniversary celebration.
Embracing challenges together
If you or your organization would like to take action, do not hesitate to contact the LKDF team at firstname.lastname@example.org to learn how to engage in partnerships, projects, and advocacy activities. Together, we can better embrace the challenges and foster development for a better future.