UK aided DaNa Facility and Myanmar Young Entrepreneurs Association (MYEA) launched the Inclusive Business Challenge in Yangon to raise awareness the enterprises with social impact11 Oct 2019
The UK-aided DaNa Facility and Myanmar Young Entrepreneurs Association (MYEA) launched the Inclusive Business Challenge last week 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.
“MYEA has long been supporting the introduction of inclusive businesses and social impact in Myanmar. Our Impact Investment Committee stands ready to continue this support and spread the inclusive business message around the country,” said U Aung Thura, president of the MYEA.
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.
The challenge is open now to all private companies in Myanmar with the inclusive business aspiration till October 25.
The result of the challenge will be announced at the MYEA Annual Entrepreneurship Summit on November 16.