Sri Lanka unveils National Strategy for Inclusive and Sustainable Businesses

The Strategy developed under the leadership of Sri Lanka’s Sustainable Development Council with technical support of ESCAP, establishes a comprehensive framework for businesses to flourish while driving positive social and environmental change and strengthens Sri Lanka’s journey towards a future interwoven with inclusive prosperity and environmental responsibility. Recognising the pivotal role businesses play in attaining the SDGs, the Strategy aligns seamlessly with the government’s commitment to a private sector-led, inclusive, and sustainable economic transformation.

It defines Inclusive and Sustainable Businesses (ISBs) as purpose-driven enterprises that harness market forces to address crucial social and environmental challenges, generating tangible impact beyond mere profitability. It provides opportunities to enhance the effectiveness of government actions to support ISB development in Sri Lanka.

Actions under the Strategy cover five core areas: Setting the direction for Sri Lanka to become an inclusive and sustainable export and investment hub; Raising awareness on the economic and social value that impact businesses bring and recognizing local success stories, through award and formal accreditation; Building the capacities of businesses and governments to develop and to promote inclusive and sustainable businesses; Supporting impact measuring and reporting; and Enhancing access to finance for impact businesses

A number of governments in the Asia Pacific region are putting in place strategies to promote inclusive businesses. For example, ASEAN member states adopted in 2017 the ASEAN Inclusive Business Framework and in 2020 adopted the Guidelines for Promoting Inclusive Businesses in ASEAN. Countries such as Thailand, Vietnam, and Cambodia are taking various initiatives in support of ISB promotion and development.With the formulation of the ISB Strategy, Sri Lanka becomes the first country in South Asia to establish a robust framework for development of ISBs.

Speaking at the event, the Minister of Industries and Health Dr. Ramesh Pathirana highlighted that ‘Sri Lanka’s younger generation is ready to move ahead with entrepreneurial development and the new ISB Strategy will help them to enter new global markets’.Meanwhile, the United Nations Under-Secretary-General and Executive Secretary of ESCAP, Armida Salsiah Alisjahbana stated that ‘Inclusive and sustainable businesses are more important than ever.”

“ They are different from business-as-usual as they put people and planet alongside profit and are therefore a critical accelerator if we are to get back on track with the Sustainable Development Goals”.

Delivering a message on behalf of President Ranil Wickremesinghe, Senior Presidential Advisor on Climate Change, Ruwan Wijewardene highlighted that ‘The strategy equips the private sector with the tools and resources to compete globally, not just on price but on value and that Sri Lanka can become South Asia’s green hub, attracting investment, creating jobs, and leading in sustainable development’.

Underscoring the significance of this initiative, Prime Minister Gunawardena emphasized that “the strategy transcends mere economic growth. It is a blueprint for building a Sri Lanka where all can prosper, and sustainability becomes a legacy for future generations