YANGON, Myanmar, Jun. 11 /CSRwire/ - Myanmar is experiencing rapid economic growth, and responsible and inclusive businesses will be an essential part of the country’s road to sustainable, equitable development. Attractive market opportunities exist to provide much needed goods and services, such as tourism, telecommunications, health and education, but responsible businesses will also need to provide local employment opportunities and develop human resources through training and capacity building. Protecting Myanmar’s precious natural environment and rich biodiversity must also be a priority, which may be assisted by responsible international investment.
“There is much to do to create a modern competitive economy, and responsible investment and inclusive business strategies will help in that process,” said CSR Asia Chairman Richard Welford at the launch of the report in Yangon last week.
“Not least, the private sector has an important role to play in promoting sustainable development,” confirmed U Win Aung, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI)and emphasised that, “UMFCCI is dedicated to promoting CSR and delighted to work with CSR Asia on this important process.”
The new report from CSR Asia, entitled Responsible and Inclusive Business in Myanmar,provides practical guidance and recommendations for companies, enabling them to operate in a way that contributes to the sustainable development of Myanmar while protecting businesses from financial, legal and reputational risks. CSR Asia presents a framework made up of three dimensions: Firstly, the responsibility dimension provides an analysis of Myanmar and outlines six key capitals where businesses can contribute to the sustainable development of the country. Secondly, the dimension of inclusivity emphasises the incorporation of low-income populations and marginalised groups into corporate operations and value chains in order to reduce poverty. The final dimension assists with the development of a comprehensive strategy that facilitates responsibility and inclusivity.
The report offers insights gained from a six-month long investigation and extensive interviews with stakeholders on-the-ground.
Companies operating and investing in Myanmar should use the report to guide their responsible business operations and create value for both the business and communities they impact. Professor Dr U Aung Tun Thet, Senior Advisor to the UN Resident Coordinator’s Office and Advisor to the President’s Office and the Myanmar Investment Commission (MIC) highlighted that the private sector has an important role to play in a sustainable and equitable future for Myanmar’s people and confirmed that “companies investing in Myanmar will be required to demonstrate comprehensive commitments to CSR and we are working to integrate this in MIC’s decision making processes.”
The report is being launched at an event in Singapore today, and in Hong Kong on June 17. To access the full report, or register the Hong Kong briefing visit www.csr-asia.com.
About CSR Asia
CSR Asia is the leading provider of training, research and consultancy services on sustainable business practice in Asia. Through our offices in Hong Kong, Kuala Lumpur, Singapore, Bangkok, Tokyo and Sydney, and our partnerships in Vietnam, Indonesia and Bangladesh, CSR Asia builds capacity and promotes awareness of CSR in order to advance sustainable development across the region.
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