Under the co-chairmanship of Chile, Liberia, Norway and Kazakhstan, twenty delegations from Africa, Asia, Europe, and Latin America, convened for the second time at the OECD Conference Centre on 3-4 June to embark on substantive discussions on the policy challenges commonly faced by resource-based economies. Seventeen multinational mining, oil & gas companies, industry associations and civil society organisations also joined the multi-stakeholder consultation on local content development held on 3 June. The International Monetary Fund, the United Nations Development Programme, the World Bank and the World Economic Forum participated as members of the Expert Advisory Board, established to promote effective collaboration with Partner Organisations.
Participating countries recognised that knowledge sharing and peer learning are useful to develop new collective understanding of the substantive issues at stake and inform better policy making. The oil & gas as well as the mining industries are also willing to actively contribute to this process to better understand how they can become and act as a truly ¨development partner¨ to effectively support efforts to maximise benefits from extractives. Participants recognised that the Policy Dialogue offers a trustworthy and interactive setting where this aspiration can be turned into practice.
Participating countries adopted the document on the governance structure of the initiative, laying down the foundations for long-term engagement in this collaborative endeavour.
Participating countries further agreed to establish the Business Consultative Platform to the Policy Dialogue on Natural Resource-based Development to foster regular consultations with the private sector. The Business Consultative Platform will support and provide input to the inter-governmental process of the Policy Dialogue on Natural Resource-Based Development. This will ensure participatory engagement from the private sector as an important development actor, while preserving the credibility and neutrality of the substantive analysis developed under the governments’ leadership and ownership and shielding the outcomes against issues of conflict of interest.
Participating countries agreed on the roadmap to advance on the different substantive work streams as follows:
Work Stream 1 - Shared Value Creation and Local Development
The dialogue resulted in the clear identification of areas of alignment and intersection between government’s priorities and industry’s interests. There was consensus that extractives can be a springboard for long-term economic development and that local content can be a catalyst for structural change. Participants agreed to:
Work Stream 2 - Revenue Spending and Stabilisation Funds
Work Stream 3 - Getting Better Deals
Work Stream 4 – Detecting Corruption Risks in the Extractive Sector
18-19 Dec 2013: Inaugural Meeting | 3-4 June 2014: Second Meeting | 17-18 Nov 2014: Third Meeting | 29-30 June 2015: Fourth Meeting | 2-3-4 December 2015: Fifth Meeting | 22-23 June 2016: Sixth Meeting | 30 Nov-1 Dec 2016 : Seventh Meeting | 15-16 June 2017 : Eighth Meeting | 31 Jan – 1 Feb 2018 : Ninth Meeting