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Australia's Foreign Minister, Julie Bishop, commends Shared Value and Palladium's Business Partnership Platform

The Business Partnership Platform leverages private sector investment to reduce poverty overseas. Julie Bishop remarks on its success as DFAT's flagship shared value projects.

As Australia’s Foreign Minister, I have realigned the goals of Australian’s AID program to more directly link poverty reduction with economic growth. Greater private investment and trade are essential to increasing growth and decreasing poverty in developing countries, particularly in the Indo-Pacific region. This is a reality now reflected in the 2030 Agenda for Sustainable Development which provides a roadmap for Global Development efforts.

Three years ago, I announced that the Australian government would make a concerted effort to engage the private sector in meeting our overseas development challenges. Shared Value quickly emerged as one of the best frameworks for this work. Now, Australian Aid supports commercially sustainable solutions to development challenges wherever possible. Shared Value was the inspiration for our flagship program, the Business Partnerships Platform.

Through the nine partnerships already agreed, the government’s 3.3 million dollar [AUD] investment will leverage 8.4 million dollars [AUD] in business. In Papua New Guinea, where only 10% of households are connected to the electricity grid, we’re working with Digicel to bring solar energy to remote communities. With Australian companies, Base Resources and Cotton On Group, we’re helping Kenyan communities produce and sell cotton into global ethical supply chains.

Our Department of Foreign Affairs and Trade is widely recognized for creating Shared Value opportunities and other government departments in Australia are following the example. I congratulate you for your leadership in demonstrating that profitability and positive social impact can and should go hand in hand.

To view the full video, please visit the Shared Value Project on YouTube.