ASEAN’s Drive for More Inclusive Business
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An inclusive business is a sustainable business that benefits low-income communities. It is a business initiative that, keeping its for-profit nature, contributes to poverty reduction through the inclusion of low-income communities in its value chain. In simple words, inclusive business is all about including the poor in the business process be it as producers or consumers.
Inclusive businesses find profitable ways to engage the low-income segment into their business operations in a way that benefits the low-income communities and creates sustainable livelihoods. This can include directly employing low-income people, targeting development of suppliers and service providers from low-income communities and providing affordable goods and services targeted at low-income communities.
“By engaging low-income communities as partners, customers, suppliers or employees in value chains, IBs can transform communities into new markets and new sources of entrepreneurial talent,” Philippine Trade Secretary Ramon Lopez said in a press for the ASEAN Inclusive Business Summit.
With the theme “Pioneering Change in the Way We Do Business,” the summit has been described as first high-level dialogue on IB in ASEAN. It aims to formally introduce and build the case for IB through exemplary models, instrumental government interventions, and regional support initiatives.
“As the ASEAN chair for 2017, the Philippines is championing the promotion of IB as a strategic measure to achieve inclusive, innovation-led growth. With the summit, being the very first high-level gathering in the region, we are confident that this event will be a strategic take-off point to further promote and advocate IB and deepen engagements with low-income communities and micro-entrepreneurs as business partners,” Lopez said.
The summit also expects to further stimulate ASEAN companies to develop IB models and integrate micro, small and medium (MSMEs) and underserved communities, making growth sustainable and inclusive for all.
Max Coleman engaged with ASEAN businesses and government representatives, supporting UKABC and our Partners to improve our presence in the region.
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