Siem Reap: The Fifth ASEAN Inclusive Business Summit concluded in Cambodia on Thursday. The theme of the two-day hybrid event was "Together ASEAN IBee" (Inclusive Business enabling environment).
"With the vision of Samdech Techo Hun Sen, Prime Minister of Cambodia, to transform and continue the safeguarding measures for the National Development from all forms of risks and uncertainties, we identify Inclusive Business (IB) as one of the most rewarding ways to complement our endeavor to reduce poverty at scale in a very systemic way with qualitative impact able to reach more women and youth, and contribute to increased employment for the economic advancement on the basis of business circularity, green mind, and innovation," Cambodian Minister of Industry, Science, Technology & Innovation (MISTI) Kitti Settha Pandita Cham Prasidh said in a media release on Thursday.
"ASEAN has taken various efforts to promote IB in the region. I hope that ASEAN continues to spearhead the IB agenda and put forward more concrete programs on IB in close cooperation with the private sector, including ASEAN Business Advisory Council," he added.
The summit discussed the implementation of Guidelines for the Promotion of Inclusive Business in ASEAN, particularly on IB investment incentives, policy instruments and support mechanisms.
"In addition to government action, the private sector plays a fundamental role in supporting economic recovery for a more sustainable, inclusive and resilient future. In this regard, innovative business models such as inclusive businesses are emerging, and demonstrating that it is possible to provide goods, services and livelihoods – on a commercially viable basis – to people often overlooked by pure profit-orientated businesses," Under-Secretary-General of the United Nations, and Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) Armida Salsiah Alisjahbana highlighted.
The event was organised by MISTI of Cambodia, in cooperation with the ASEAN Secretariat; ESCAP; iBAN, a global program funded by the German Federal Ministry for Economic Cooperation and Development and implemented by GIZ; OECD; and OXFAM.
The ASEAN Inclusive Business Awards 2022, awarding ten IB companies from ASEAN countries for their excellent performance in adhering to IB concepts and generating socioeconomic impacts on people at the Base of the Pyramid (BoP), was organised in collaboration with the ASEAN-BAC as part of the summit.
Since 2020, Cambodia has been a leading country in ASEAN in promoting inclusive business.
In 2021, Cambodia launched its first IB landscape study and held its first IB accreditation, recognising 18 IB companies.
In August 2022, the Royal Government of Cambodia issued a decision on the establishment of the IB Steering Group under the leadership of MISTI with the involvement of representatives from government agencies and business associations, to lead the IB initiative in Cambodia.
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