With ambitious reforms taking centre-stage towards rebuilding Sri Lanka into a resilient and sustainable economy, the Government of Sri Lanka is exploring opportunities to harness the potential of the private sector in fostering inclusive and sustainable growth.

The Sustainable Development Council (SDC), in partnership with the United Nations Economic and Social Commission for Asia and Pacific (ESCAP) is looking at advancing private sector action for Sustainable Development Goals (SDGs) in Sri Lanka through the development of an actionable strategy for promoting inclusive and sustainable business practices. The strategy has been developed following a collaborative, cross-sectoral and cross-agency consultative process.

Inclusive and sustainable businesses (ISBs) are purpose-driven enterprises that deliberately seek positive change in communities and the environment. These impact businesses can play a crucial role to achieve national social development and environment sustainability goals, especially in light of fiscal limitations. ISBs use market-based approaches to achieve positive social and environmental impacts, while ensuring their own commercial sustainability.

A Forum was convened in Colombo on 27 September by SDC and ESCAP to discuss the proposed strategy to promote ISBs for sustainable development in Sri Lanka and was attended by representatives from government, private sector, development partner agencies, and civil society organizations.

The proposed strategy presented by the Director General of SDC, Chamindry Saparamadu contained a coherent set of actions to support ISBs in Sri Lanka through the development of relevant legal frameworks, capacity development for a strong and dynamic ISB ecosystem and for integration into local and global supply chains, platforming for local and global recognition, improving access to impact finance and incentives, promoting access to information, impact measurement and reporting and partnership development for transformative impact.

Speaking at the Forum, the Minister of Industries, Dr. Ramesh Pathirana emphasized the need to pay special attention to enabling decent and inclusive work conditions to marginalized communities in the plantation sector as well as those living in the northern and eastern parts of the country while the State Minister of Finance, Shehan Semasinghe highlighted the current challenges in accessing concessionary financing for small and medium enterprises which is a hindrance to their development. The State Minister further highlighted government plans with regard to capital market development in tandem with the ongoing debt restructuring process. The Senior Advisor to the President on Climate Change, Ruwan Wijeweardhane, emphasized the pivotal role the private sector can play in developing a green economy and supporting environmental sustainability while at the same time acknowledging the current contributions of the private sector in achieving sustainable and inclusive development. Addressing the Forum, Dr. Rupa Chanda the Director of the Trade, Investment and Innovation Division of ESCAP mentioned that “Innovative business models are emerging and demonstrating that it is possible to be commercially viable while achieving positive social and environmental impacts. In Sri Lanka we can already find fine examples of inclusive and sustainable businesses.  Today, the challenge is to continue to expand the number, reach and impact of inclusive and sustainable businesses in Sri Lanka. To support this, we need a coherent government strategy.”

Secretary to the Ministry of Environment, Dr. Anil Jasinghe, Secretary to the Ministry of Industries Thilaka Jayasundera, Director General BOI Renuka Weerakoon, UN Resident Coordinator for Sri Lanka Marc-Andre Franche, Chief Representative of JAICA Sri Lanka Tetsuya YAMADA, Manager-FIG South Asia of International Finance Cooperation Joon Young Park, President of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Keerthi Gunawardena, Vice Chairperson of Women’s Chamber of Industry and Commerce Gayani De Alwis, Chairman, SLASSCOM Jehan Perinpanayagam, Vice President (MSME) of DFCC Bank Chandana Wanigasena, Executive Director of UN Global Compact Network Sri Lanka, Rathika de Silva, Director-Business Development, Selyn Handlooms Selyna Pieris and other officials from UN agencies also spoke during the Forum.