Action Group on Business & Development

Today, 1st of June, NHO and their Action Group on Business & development presented their policy document to Norway’s Minister of International Development, Dag Inge Ulstein. This took place during NHO/Innovation Norway/Norad’s annual conference on internationalization and development.

NHO’s Action Group on Business & Development was established in 2020. The forum is led by Yara International CEO Svein Tore Holsether with the participation of internationally oriented companies, including NABA. The Ministry of Foreign Affairs, Norad, Innovation Norway, and Norfund participate as observers.

The forum will provide the Minister for International Development with advice and input on how the business community can better contribute to the developing countries achieving the sustainability goals, including how Norwegian development assistance can facilitate private investment and job creation.

The role of business will be more important than ever in the work of recovering from the Covid-19 crisis. Companies can contribute with capital, technology, expertise and the ability to innovate to solve the challenges in developing countries. Norwegian companies can be supportive in creating  new and decent jobs and increase local tax revenues. The green shift opens up new opportunities and business models - both for developing countries and companies.

Job creation is central to fighting poverty. The private sector can contribute with formalized jobs, jobs that often include a safety net. Businesses need help to keep the wheels turning. According to the ILO, global labor income has fallen by about 11 percent in the first three quarters of 2020, compared with the previous year. It is workers in the informal sector and especially women who have had the greatest risk of losing their jobs.

This situation means that Norwegian development policy must be rethought. Business development must be raised and made a top priority. More needs to be done to stimulate Norwegian companies to get involved in developing countries. Unfortunately, the development has gone in the wrong direction. Although development assistance budgets have increased significantly in recent years, an ever smaller part of the budget has been spent on business and industry. There is therefore a need for a re-prioritization and reorientation. NHO's policy document propose to strengthen three areas: 1) tools that reduce risk for companies, 2) more partnerships and 3) investment in renewable energy. 

(The report is in Norwegian)

Listen to the recording here

Download the report here