Governments need to work closely with the private sector to break down barriers preventing industries in developing countries from becoming competitive. That’s according to a vice president for financial and private sector development at the World Bank and International Finance Corp.

Speaking to Devex President Raj Kumar on the margins of the 2012 European Development Days, Janamitra Devan said governments need to understand the private sector’s requirements well enough to help take industries to the next level. This knowledge of the private sector’s needs, Devan stressed, is what helped Singapore grow from aircraft servicer to avionics expert. It is also what propelled Malaysia’s transition from supplying palm kernels to being involved in every aspect of the global palm oil value chain.

Watch the conversation between Kumar and Devan about how the World Bank’s competitive industries agenda is helping governments form more effective partnerships with the private sector, part of a series of conversations we video-taped with global development leaders in the center of EDD12 in Brussels.

Check out our complete coverage of European Development Days 2012.

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