Workshop on inclusive business development

Dec 14, 2012

Representatives of the private sector, UNDP and other organizations are set to meet in Seoul to share knowledge and discuss how Korean businesses can further boost sustainable development by adopting innovative and inclusive business models in their core business activities around the world.

The event will be held on 17th of December at the Grand Hyatt Hotel. It is co-hosted by the UNDP Seoul Policy Centre and the Global Compact Korea network.

The private sector can play a vital role in accelerating progress towards meeting the Millennium Development Goals.

By going above and beyond corporate social responsibility, many companies have already contributed to sustainable development, as well as job creation, growth and boosting access to products and services.

Such inclusive business models are proven, commercially viable options that bene­fit low-income communities by including them in a company’s value chain on the demand side as clients and consumers, and/or on the supply side as producers, entrepreneurs or employees in a sustainable way.

These approaches can benefit businesses from  both the developed and developing worlds. They also contribute to the growth of recipient developing countries and benefit their people through the creation of shared value.

In the Republic of Korea, the role of the private sector as an indispensable development partner was affirmed at the Fourth High-Level Forum on Aid Effectiveness held in Busan, in December 2011, where representatives of nations and organizations called for more active participation of the private sector in sustainable development.

With the increasing enthusiasm among Korean companies to embrace the opportunities and dynamism of the Asian and African markets, Korean businesses need learning spaces to design and develop new inclusive business model initiatives.

UNDP has supported and advocated for pro-poor but commercially viable inclusive business models. The organization has also documented global best practices through a number of different initiatives, including the Growing Inclusive Markets Initiative and the Business Call to Action.

Workshop participants will be able to make good use of the Korean language publication of UNDP’s Growing Inclusive Market Initiative report on “Creating Value for All: Strategies for Doing Business with the Poor.