Launching the initiative in Sydney on Monday, Bishop said government and private sector partnership is "the first of its kind for Australia's aid program."
"I believe private sector involvement is imperative," Bishop told reporters.
"The strategy recognizes the private sector as a driver of economic growth, incomes and jobs, and as a partner for government to achieve more effective and sustainable aid outcomes."
The new initiative came at a time when Australia's foreign aid budget has fallen from a peak of 5.6 billion Australian dollars in the 2012-13 Australian financial year to 4 billion Australian dollars for 2015-16.
The cuts will see Australia's aid fall to its lowest level in history, 0.22 percent of Gross National Income, according to the Lowy Institute for International Policy.
When the new budget measures were announced, the Lowy Institute said Australia would likely loose influence with some development partners and with its peers framing the global debate on development.