Businesses should consider public-private partnerships

The Private Sector federation (PSF) held elections and the new leadership is determined to see the private sector play a bigger role in the country’s development while also facilitating the growth and expansion of businesses. In playing a bigger part in the development drive, private business should consider venturing into investing in public projects. There is a tendency to rely on the government to provide public infrastructure, community facilities and related services; however, the Government does not have the resources to fully fund all the required public facilities. With limited resources, the government is sometimes forced to prioritize. Instead of delaying projects until government funding is available, the businesses should consider Public-Private Partnerships (PPPs). Such partnerships are characterized by the sharing of investment, risk, responsibility and reward between the partners. Both the public and the private sector have unique characteristics that provide them with advantages in specific aspects of service or project delivery. There is no point in having to wait to get a school, road or hospital just because the government has no funding. Local government representatives should engage the private sector entities in their respective communities and, together, they can come up with strategies on how to develop public infrastructure. Other than creating an enabling environment, the government can extend other incentives including, tax holidays, capacity building programs and expertise for companies that are engaged in activities with greater impact on the lives of the general population.

Opinions

Businesses should consider public-private partnerships