What private sector engagement should entail

IT has become a cliché in economic literature, and the government’s economic plans that to promote high and sustained growth, private sector participation should be encouraged. It is a logical recommendation — a huge part of the country’s resources is in the private sector’s hands. It owns 70 to 80 percent of the nation’s wealth while the government possesses the rest of the economic pie.

But what should the government’s private sector engagement entail? Does it mean consulting them on each policy decision and ensuring that their views and interests are religiously complied with? Does it entail awarding government contracts (whether infrastructure projects, supplies or services) to ensure that the private sector’s business ventures grow? Does it mean selecting the “best and most capable” firms to transact business with because they are the only ones capable of delivering goods or services?