Social enterprises, way forward for economic development

29 January 2019 - 96   - 0

In developing social enterprises a concerted and holistic intervention should be made to improve the areas of training, access to technology, financing and marketing and among them the most important area is marketing.

The above points were stressed by Dr. Indrajit Coomaraswamy, Governor, Central Bank (CB) when he addressed the 2nd International Conference on 'Social Enterprise and Social Finance’ held on Monday at Water's Edge resort, Battaramulla.

The 2-day conference was organized by Lanka Social Ventures in partnership with the British Council and United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

To achieve inclusive growth, he stressed that all stakeholders should strive in finding markets to help the economic ecosystem of enhanced productivity. If the marketing channels are opened up the other areas would be fulfilled, he indicated.

He said that while focussing on the current trends and challenges in building a social enterprise system and to have social enterprises and SMEs, it could make a social impact to 'Think Social, Produce Social and Buy Social' in Sri Lanka.

Dr. Coomaraswamy indicated that the CB acknowledges the benefits from building a social enterprise ecosystem to scale up and create social impact.

He said that social enterprise is gaining a global recognition as a catalyst for creating social impact, social change and environmental sustainability.

Social enterprises differ from traditional businesses and they are extremely beneficial to entrepreneurial and innovative individuals, communities and SMEs in a multitude of ways, he pointed out.  

In assessing the state of social enterprises in Sri Lanka a comprehensive study on social enterprises in Sri Lanka was carried out by Lanka Social Ventures and the present conference is based on that survey.

The survey enumerated that 'The Social Enterprise' operates across manufacturing, agriculture, cultural, creative and environmental protection sectors and that many work across multiple industries. (QP)

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