CREATING TRIPLE WINS: INCLUSIVE BUSINESS IN MYANMAR
A recent report about inclusive business in Myanmar has been published by the DaNa Facility and the UK’s Department for International Development (DFID), supported by the Directorate of Investment and Company Administration (DICA) and the Directorate of Industrial Supervision and Inspection (DISI). The report offers an opportunity for businesses, investors, NGOs and the government to examine the transformational potential of inclusive business and starts to map a way forward to a more inclusive and sustainable business environment in Myanmar. Inclusive businesses create triple wins: for the poor, for companies, and for government. They also contribute to the government’s agendas of reducing poverty, making a more inclusive economy, and achieving Sustainable Development Goals.
(Source: The Myanmar Times, December 3, 2018)
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Creating a vibrant private sector is vital for any development strategy targeted at sustained economic growth and poverty reduction. The latest World Economic Forum Global Competitiveness Report survey indicates a mixture of weak institutional, policy, and economic fundamentals topping the list of obstacles to development in Myanmar. Although some improvement is evident in the recent data, the report suggests that local market participants rank their business environment poorly, especially on problems in access to financing, policy instability and an inadequately educated workforce. Overall, the government needs to take a more holistic approach to private sector development and provide a range of systemic support measures, including improving the regulatory environment, investing in physical and social infrastructure, building human capital with a focus on strengthening the skills of the young, strengthening and deepening the banking sector and financial markets, and improving labor relations. Investment is an important gauge of successful private sector development. Significant government support aimed at removing barriers to business at the policy level and providing quality infrastructure will be essential to attract foreign investment and to promote domestic investment in industry.