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Strong growth and private sector are keys to stability
Por Maggie Farrand
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Con 80 percent of overseas spending now coming from foreign direct investment, the role of private sector in driving economic development is no longer optional, said former U.S. Ambassador James Michel at the March 26 Hacer que los mercados funcionen evento, hosted by Creative Associates International.
“Private sector engagement has become so important in part because of the shift in development finance," dijo. To private sector businesses, developing countries are becoming increasingly attractive investment destinations.
Michel emphasized that not just any private sector involvement will do. “Private business needs to integrate with national plans," dijo. “The consideration of the local environment is just essential, and they have to bring in the abilities of domestic resources.”
Michel joined U.S. Ambassador Robin Raphel and John Sullivan on a panel titled “Governance and the Evolving Role of Private Sector in Market Stabilization and International Development,” moderated by Creative’s Deborah Kimble. It was one of three panel presentations at the event, which marks the one-year anniversary of Creative’s Economic Growth Division.