President of the Prime Ministry Disaster and Emergency Management Authority (AFAD), Fuat Oktay, chaired a panel titled Risk Sensitive Investment: Public-Private Partnership on the occasion of the third U.N. World Conference on Disaster Risk Reduction (WCDRR) in Sendai, Japan on Monday afternoon.

"Public private partnerships can be a very effective disaster risk reduction tool and an opportunity for building resilient businesses, communities and countries if we can advocate risk-sensitive decisions, investments and practices in all walks of life," Oktay said on the panel.

The high-level partnership dialogue on risk-sensitive investments, one of the most popular events at the third WCDRR, which is being held in Sendai, Japan this week, seeks to provide an opportunity for interactive and focused discussions on key priorities, commitments and actions in support of the post-2015 framework for disaster risk reduction.

Turkish officials at the conference said that the public and private sectors must join forces to advance the development of innovative solutions that further risk-sensitive and sustainable investments. The preparatory committee of experts for the 10th five-year development plan included a task force committed to public-private partnerships.

Over 4,000 participants from 186 countries are attending the WCDRR, which aims to create a road map for the next decade for disaster risk reduction. The conference will conclude on March 18 with the adoption of a new agreement on disaster risk reduction that will provide guidance on how to reduce mortality and economic losses from disasters.