As world leaders convene in New York to discuss the state of international development, a British group has called for both business and philanthropic institutions to be more involved in debate and development.

The Institute of Development Studies (IDS) argues that corporations as well as foundations need a place at the table as the world looks to set out a new development framework post-Millennium Development Goals.

In a briefing paper released yesterday, on the first day of the UN Development Cooperation Forum being held in New York, the Institute says that businesses in particular – which in 2010 made $514.3bn in direct investment to developing countries, according to the report – need to engage in improving the governance of the countries they operate in.

Without using the knowledge and investment of both philanthropy and business, IDS argues the progress of work in developing countries could be slow and fraught with contradictory or overlapping initiatives.

“Without integrating foundations and businesses, we risk duplicating efforts and placing an even greater administrative burden on aid recipients. We also risk ignoring the development contributions that foundations make by funding pioneering programmes and that businesses make through economic growth and innovation,” the briefing paper reads.

Dr Noshua Watson, IDS research fellow, said: “It is crucial that businesses and private foundations are given a place at the table during discussions.

“The development landscape is radically changing and private foundations are playing an increasingly important role – both as donors and in delivery of development programmes. Integrating the private sector won’t be straightforward, but essential if a new framework is to make a real difference to global issues such as climate change and food security.”