Inclusive business (IB) can transform low-income communities into new markets and new sources of entrepreneurial talent, a trade official said on Wednesday.
“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,” 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.
“Hopefully, we can have one IB model this year and four models by 2018,” Lopez said.