The private sector is increasingly engaging in development cooperation. This study narrowed down the scope of cooperation to companies, focusing on Private-Sector Engagement (PSE). As the demand for private sector participation in development cooperation increases, major donor agencies are developing strategies to strengthen partnerships with the private sector. US USAID, which is undergoing a major shift in institutional culture and operations to expand PSE, announced its new PSE policy in December 2018, emphasizing that it values market-based approaches and evidence bases, and reflects this policy stance in its projects. The Australia’s Department of Foreign Affairs and Trade (DFAT) is pushing for PSEs that focus on cooperation with enterprises by designating the private sector as enterprises, and values the creation of shared (economic and social) values of development cooperation agencies and enterprises. Although there is no separate strategy for private sector engagement, Sweden’s Sida works with a wide variety of stakeholders and applies the most complex high-level of financial structure to projects. The UNDP focuses on the role of stakeholder platforms and consulting and capacity building to enhance development effectiveness, and discovers and plans projects considering inclusive business models that promote economic activities for the poor. At the KOICA level, cooperation with companies is also a very important challenge. First of all, it is necessary to expand the scope of partners not only to a single company but also to related associations or chambers of commerce, other ministries and institutions in Korea. Second, it is required to diversify KOICA’s existing types of corporate cooperation. In particular, the types of policy dialogue and capacity building can be considered important. Finally, enterprise cooperation can be mainstreamed in KOICA organization and business.