Sri Lanka takes bold step to promote Inclusive and Sustainable Businesses

Wednesday, 7 February 2024 00:00 - - {{hitsCtrl.values.hits}}

In a bid to boost economic growth whilst prioritising social and environmental welfare, Sri Lanka is embarking on a journey to promote Inclusive and Sustainable Businesses (ISBs).

The Cabinet of Ministers green-lighted a proposal put forward by the President, in his capacity as the Finance, Economic Stabilisation and National Policies Minister regarding the implementation of the strategy.

ISBs are characterised by their commercially viable models that generate positive social and environmental impacts, including green businesses and social enterprises empowering vulnerable communities.

Despite their potential to drive positive change, ISBs in Sri Lanka have faced numerous challenges, including limited access to information, skills training, partnership financing, and formal recognition.

Recognising the critical role these businesses play in achieving Sustainable Development Goals (SDGs), the Sri Lanka Sustainable Development Council has spearheaded efforts to address these challenges.

The strategy seeks to align with the overarching goal of achieving the SDGs and has been developed with the support of the Trade Investment and New Innovations Division of the United Nations Economic and Social Commission for the Asia Pacific Region (UNESCAP), incorporating input from relevant stakeholders.

By creating an enabling environment for ISBs, the strategy aims to unlock the full potential of these enterprises to drive sustainable economic growth, promote social inclusion, and protect the environment. It includes measures to enhance access to information, provide skills training, facilitate partnership financing, and ensure formal recognition for ISBs operating in Sri Lanka.