October 1, 2019
Yangon, Myanmar: The UK aid-funded DaNa Facility and Myanmar Young Entrepreneurs Association (MYEA) today announced the launch of the Inclusive Business Challenge to raise awareness of the potential of inclusive business and to provide recognition for enterprises that create significant social impacts.
The Challenge is one of the annual series of enterprise awards organized by MYEA and presented at the Annual Entrepreneurship Summit. The event was endorsed by the Inclusive Business/Impact Investing Steering Group, an important public-private initiative to promote and guide inclusive business/impact investing development in Myanmar, and was co-chaired by the Directorate of Investment and Company Administration, and the Ministry of Industry.
Aung Thura, President of MYEA, said, “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.”
Inclusive business is a new and relevant concept for Myanmar. Inclusive businesses are commercially viable companies that provide scaled-up, innovative, and systemic solutions for problems experienced by low-income people at the base of the economic pyramid. They can create new income opportunities for low-income people by engaging them in the value chains of profitable businesses while paying better than market rates. They can also engage them as customers and provide goods and services that address their needs in key areas.
U Aung Naing Oo, Permanent Secretary of the Ministry of Investment and Foreign Economic Relations and an active champion for inclusive business, noted how “..inclusive businesses create triple wins: for the poor, for companies, and for government and also contribute to the government’s agendas of reducing poverty, building a more inclusive economy, and achieving the Sustainable Development Goals.” In sum, they play a major role in “addressing poverty, generating social impact, and enhancing inclusive growth,” he added.
The Inclusive Business Challenge is open to Myanmar private sector companies practicing business models that make a social impact. The deadline for applications is 25 October 2019. Further details on timelines and Challenge criteria can be found on the DaNa Facility website.
Each successful Inclusive Business Challenge applicant will participate in a competitive “Pitch Day” where they will present their solutions to a panel of judges with experience in the business ecosystem. The winners will be awarded prizes together with inclusive business development opportunities at the MYEA Annual Entrepreneurship Summit on 16 November.
Notes to editors:
The DaNa Facility: The DaNa Facility is a UK aid-funded programme, established in May 2016 as one of six components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.
Myanmar Young Entrepreneurs Association (MYEA): The Myanmar Young Entrepreneurs Group was initially formed in November 2009 with 45 Executive Committee Members. In June 2012, MYEA transformed into a registered association as the Myanmar Young Entrepreneurs Association (MYEA) with 50 Executive Committee Members. MYEA’s aim is to become Myanmar’s leading institution for empowerment of young entrepreneurs. The main objective is to empower young entrepreneurs and assist in creating a vibrant entrepreneurship ecosystem in Myanmar. Currently, MYEA is composed of 1062 Executive Members, 651 Associate Members, and 1 Cooperating Member, and reaches out to 4 states and divisions across Myanmar. For more information, please visit www.myea.org.mm.
You can find a Myanmar version of this Press Release here.