Myanmar: Inclusive Business Challenge launched to recognise enterprises that address poverty & enhance economic growth
Author: John Liu, Myanmar Times, Published on: 12 October 2019
"Inclusive Business Challenge launched to recognise enterprises with social impact", 10 October 2019
The UK-aided DaNa Facility and Myanmar Young Entrepreneurs Association (MYEA) launched the Inclusive Business Challenge...to raise the awareness of "inclusive business" in Yangon.
The challenge aims to recognise companies that develop scalable and innovative business models that are able to bring about social impact. It is also endorsed by the Steering Group for Inclusive Business/Impact Investing, a public-private initiative set up in April this year to promote related business practices.
For Myanmar, inclusive business is a novel yet highly-relevant concept as it implies involving people across the social spectrum in business in an innovative and financially-viable way.
Importantly, it has the potential to address poverty and enhance collective economic growth in a society by engaging local-income population. It could also help corporations and stakeholders to better develop affordable goods and services for the same population.
“Inclusive businesses create triple wins: for the poor, for companies and for government. They also contribute to the government’s agenda of reducing poverty, building a more inclusive economy and achieving the Sustainable Development Goals,” said U Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations in a statement.