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From Senator Johnny Isakson
Isakson Legislation Allows Private Sector to Take the Lead in Uplifting Developing Nations
Establishes a liaison function between the private sector and U.S. development agencies to boost economic growth
U.S. Senator Johnny Isakson, R-Ga., has introduced the Economic Growth and Development Act to make it easier for the private sector to take the lead in boosting economic development, fighting disease and alleviating poverty in developing nations around the globe while working as a true partner with U.S. government agencies.
“The private sector should be encouraged to do what they do best: help grow the economy of these developing nations,” said Isakson. “Navigating complicated government bureaucracy impedes development. This legislation will provide business owners with a seat at the table as the United States considers its development strategy and will allow them to understand the tools available to them as they expand their businesses by investing overseas. I have seen the power of private investment firsthand and believe that sustained economic growth through trade and private investment is the only thing that will permanently lift developing countries out of poverty.”
The legislation, S.2831, would require the U.S. Department of State, U.S. Department of Commerce, USAID, and other U.S. development agencies to coordinate with private sector investors in countries that receive U.S. foreign assistance. Such coordination would better integrate the critical role of private investment and trade in uplifting those countries. U.S. Senator Marco Rubio, R-Fla., is a Senate co-sponsor of the bill, and companion legislation is expected soon in the U.S. House.
Based on his extensive work in Africa, Isakson believes that private sector investment is the key to improving conditions in developing nations. Better public-private coordination will also result in more efficient use of U.S. foreign assistance and will help America’s small- and medium-sized businesses more easily navigate the various U.S. development programs to learn what tools are at their disposal to help them invest in developing countries.
Specifically, Isakson’s bill establishes a liaison function between U.S. development agencies and the private sector, requires consultation with the private sector when developing country strategies and calls for ongoing studies into the factors that constrain private sector growth in each country that receives U.S. assistance.
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