On September 22, the 4th ASEAN Business Summit was hosted by Brunei Darussalam, ASEAN Chair 2021, with the participation of co-organizers of Darussalam Enterprise (DARe), ESCAP, iBAN, OECD and the Board of Directors. ASEAN Secretary. The conference was attended by Governments, private sector representatives from ASEAN as well as investors and many development organizations.

This summit is an activity of the ASEAN Coordinating Committee on Micro, Small and Medium Enterprises (ACCMSME), the specialized body under the pillar of the ASEAN Economic Community (AEC) that coordinates the development of MSMEs in the region. region and contribute to the implementation of the ASEAN Strategic Action Plan on Micro, Small and Medium Enterprises Development for the 2016-2025 period.

The 4th ASEAN Business Summit demonstrated the reality of inclusive business in the public and private sectors to help ASEAN build back better after the COVID-19 crisis. Based on the “Comprehensive Business Promotion Guidelines in ASEAN”, adopted in 2020, this summit discussed its application in the national context, especially the establishment of a registration system. Comprehensive business registration and accreditation and providing business training services to enterprises to develop comprehensive business models. These actions will help identify, encourage and support businesses, including social enterprises, that can increase their social impact by developing inclusive business models.

ASEAN has made significant progress at both the national and regional levels in promoting inclusive business models. Permanent Deputy Minister for Industry at the Ministry of Finance and Economy Brunei Darussalam Pengiran Hajah Zety Sufina Binti Pengiran Dato Paduka Haji Sani, outlined that efforts to promote inclusive entrepreneurship at the national level, ASEAN Member States is are actively participating in developing inclusive business policy and building capacity to better understand business concepts and approaches among policymakers and businesses. To promote the use of the guidelines, a summary of the guidelines has been translated into the national languages ​​of the ASEAN countries, providing an overview of the comprehensive business landscape for each country and a summary of the options to choose the policy outlined in the Guide.

At the regional level, an online training module has been developed to promote inclusive business learning among ASEAN policymakers, accessible on the ASEAN Small and Medium Enterprises Academy. In collaboration with the ASEAN Business Advisory Council (ASEAN-BAC), ASEAN aims to highlight good practices through the ASEAN Business Awards this November, which will recognize 10 well-rounded businesses with the ASEAN Comprehensive Business Award. The conference discussion was about the diverse comprehensive business models operating in the region, and presenting the essential elements that make a business model both inclusive and commercially viable. This also taps into the inclusive enterprises and social enterprises that are helping low-income and marginalized people recover from the economic crisis. Furthermore, the conference discussed digital solutions, investment models and partnerships that enable businesses to address the challenges posed by COVID-19.

At this conference, Kaveh Zahedi, Executive Representative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) said that inclusive businesses have the potential to bridge the growing gap growth between the economy and people, and at the same time help countries recover comprehensively and sustainably. Regarding social entrepreneurship, Antonella Noya, Head of the Socio-Economic and Innovation Unit of the Organization for Economic Co-operation and Development (OECD), said that social enterprises and inclusive entrepreneurship can help drive growth. Inclusive and sustainable growth needed to build a better comeback. To capitalize on this potential, policymakers should help social enterprises scale and engage stakeholders in the first place.

Inclusive businesses provide goods, services and livelihoods on a commercially viable basis to people living at the bottom of the pyramid, making them part of the value chain of companies to be a supplier, distributor, retailer or customer. Inclusive enterprises provide triple benefits to the poor, governments and businesses. Besides improving the lives of the poor through improved income or services, they also contribute to inclusive economic growth and poverty reduction, and the company can generate profits and thus also  be a sustainable business.