Dhaka: The UNDP and a leading trade body will launch a project which will facilitate larger involvement of the private sector in development initiatives while boosting corporate results and return on investment.

The United Nations Development Programme (UNDP) and the Dhaka Chamber of Commerce and Industry (DCCI) on Tuesday signed a Memorandum of Understanding (MOU) to that end.

Country Director of UNDP Bangladesh Sudipto Mukerjee and DCCI President Abul Kasem Khan signed the MoU to create a platform to collect data on the current impact of private sector on sustainable development.

Together, UNDP and DCCI will use the data to design new initiatives that simultaneously meet Bangladesh's development priorities and corporate goals.

"We view this new partnership as a crucial tool for our members to maximize their corporate goals while also contributing to the development of Bangladesh," said Abul Kasem Khan.

The Project on Public Private Innovation will feature a Data Analytics Hub which will quantify Private Sector contributions to Bangladesh's Social, Economic and Environmental development, said the UNDP.

"We know that 80 per cent of all development resources come from private sector in the form of employment, research and technological innovation. This is not going to be any different for Agenda 2030, but we will collect data more systematically to track the progress," said Sudipto Mukerjee.

Private sector's key role in development was formalized in September 2015 with the introduction of SDG Agenda 2030.

"Today, Bangladesh is indeed passing through a critical transition towards graduating into middle income country in which export-led growth, rapid industrialization supported by a strong private-sector will need to be in the centre of the overall economic strategy," Abul Kasem said.