The Strategy to Promote Inclusive and Sustainable Businesses to Achieve the Sustainable Development Goals (SDGs) in Sri Lanka was adopted by the Cabinet of Ministers earlier this year. It was developed through a series of multi-stakeholder consultations and led by the Sustainable Development Council with technical support from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
The Strategy recognises the challenges faced by Inclusive and Sustainable Businesses (ISBs) in Sri Lanka and identifies opportunities to assist them in scaling and expanding their impact.
One of the key challenges is the limited capacity of businesses in Sri Lanka to effectively create social and environmental impact and// or scale their current impact. The Strategy therefore proposes the formulation of an Action Plan to build the capacities of firms to be inclusive and sustainable.
The Ministry of Industries in partnership with the Sustainable Development Council and the National Enterprise Development Authority with technical support of the ESCAP wrapped up a dynamic, multi-stakeholder co-creation workshop last week with the aim of developing a National Action Plan for Inclusive and Sustainable Business Capacity Development. In line with the Government priorities for economic recovery and development, the first phase will primarily target export-oriented medium and large enterprises, in developing inclusive and sustainable business models.
This collaborative event brought together a diverse range of participants representing government agencies engaged with large and medium private sector enterprises, key commercial chambers and industry bodies, selected export-oriented, medium-sized and large enterprises, financial sector institutions, development partner agencies and non-governmental organisations working in social inclusion and environmental sustainability.
Through insightful discussions, valuable insights were gained into the existing capacity gaps faced by the Sri Lankan ISBs as well as concrete actions for addressing the gaps in the offer of capacity building services and enhancing the capacities of large and medium enterprises.
Building the capacity of all stakeholders – businesses, policymakers, and support organisations – is essential for promoting, sustaining, and supporting ISB growth in Sri Lanka. The National Action Plan for Inclusive and Sustainable Business Capacity Development is expected to be finalized by end June 2024.
