Myanmar: An Inclusive Business Frontier Market
Key opportunities in development between Myanmar and Singapore highlighted in Business Roundtable
New York, Singapore November 21, 2013 - Leading companies including Syngenta, Allens Linklaters, Price Waterhouse Coopers and Visy came together during a special Business Roundtable to focus on achieving the dual objectives of economic development and poverty alleviation in Myanmar. The roundtable was hosted by Australian NGO, Business for Millennium Development (B4MD), and the Business Call to Action (BCtA).
BCtA member companies and other businesses explored strategies to build more inclusive business models that include the poor as consumers, producers and suppliers in the emerging market of Myanmar. The agenda also focused on the potential that exists within the food and agribusiness sector to engage with small holder farmers within Myanmar to increase livelihoods while also creating new market opportunities for companies within this sector. The event drew on examples from Syngenta, market insights from Allens Linklaters, and the innovative work of B4MD together with leading multinational food companies.
Recognizing that successful cooperation and a greater understanding at the country level is critical in enabling more sustainable and inclusive business practices, the event featured diverse perspectives on the motivation, methodology and business case for working in Myanmar.
Myanmar is an exciting opportunity, especially for companies in the food and agricultural sector interested in exploring this emerging Asian economy. Understanding the context is critical to forging successful partnerships in inclusive business and the BCtA is encouraged to see the interest in incorporating the poor in Myanmar by many companies, said BCtA Programme Manager Sahba Sobhani.
For Australia and Singapore, Myanmar offers huge potential for companies interested in serving developing and rural markets. With its new and growing economy, both large and small companies could benefit from inclusive business strategies that provide people with greater access to products, services, and technology that serve a largely undeveloped market.
Myanmar is attractive to a variety of stakeholders who are eager to work and enhance development in the region. With agriculture being the most important sector contributing to one third of the country's GDP, the role of the private sector is critical to ensure that improving incomes, creating jobs, and bringing about development is achieved, said Mark Ingram, Chief Executive Officer, Business for Millennium Development.
Speaking on behalf of the private sector, Andrew McConville of leading agribusiness Syngenta, explained that in developing markets, smallholder farmers need access to technology but this has to be supported with the transfer of knowledge.
Smallholder farmers would embrace technology to improve productivity, but only if they ensure a return on this investment. This comes with knowing how to use technology effectively for agricultural extension services. These challenges, and the need for private-public sector partnerships , supported by NGOs like B4MD, are crucial if we are to develop a system-wide approach to improving food security and raising rural living standards in countries like Myanmar, said McConville.
To learn more, contact:
BCtA: Karen Newman, karen.newman@undp.org, +1 212 906 5304
B4MD: David Faulmann, david.faulmann@b4md.com.au, +61 42 359 7927
About the Business Call to Action (BCtA):
Business Call to Action is a global initiative that challenges companies to develop inclusive business models that offer the potential for development impact along with commercial success. The initiative is the result of a partnership between the Australian Department of Foreign Affairs and Trade, the Dutch Ministry of Foreign Affairs, the Swedish International Development Cooperation Agency, UK Department for International Development, US Agency for International Development, United Nations Development Programme, the United Nations Global Compact, and the Clinton Global Initiative to meet the anti-poverty Millennium Development Goals by 2015. Companies report on progress toward commitments on an annual basis. To learn more, please visit www.businesscalltoaction.org or join the conversation on Twitter at @BCtAInitiative.
About Business for Millennium Development (B4MD):
Business for Millennium Development is the leading NGO in the Asia Pacific region focused on encouraging and facilitating inclusive business activities that contribute to the Millennium Development Goals. The organisation helps multinational companies build commercially viable, scalable business enterprises focused on poverty reduction. B4MD's members, board and clients represent many of the world's leading companies including PepsiCo, Mondelez, BHP Billiton, Nestle, Oil Search, Visy, Agility and Telstra. To learn more, please visit www.b4md.com.au or join the conversation on Twitter at @B4MD.