ASEAN Business Summit Leaders Endorse Sustainable Business Growth

The Sixth ASEAN Inclusive Business Summit, hosted by Indonesia, emphasized the importance of creating an environment conducive to the adoption of inclusive business (IB) models that contribute to inclusive and sustainable development in the region by micro, small, and medium enterprises (MSMEs) and large businesses.

The summit, themed "Incentivizing Businesses for Inclusive Growth," emphasized the importance of multi-stakeholder partnerships in developing an IB ecosystem in ASEAN through enabling policies ranging from accreditation, coaching, and innovative financing schemes.

During the summit, ASEAN scaled up its commitment to IB by hosting the inaugural High-Level Ministerial Meeting for Ministers responsible for MSME development in ASEAN Member States (AMS). At this meeting, AMS exchanged good practices to promote the adoption of IB models and adopted the “Declaration on Promoting Inclusive Business Models: Empowering Micro, Small and Medium Enterprises for Equitable Growth”.

The statement acknowledged the importance of MSMEs in driving economic growth, fostering innovation, creating jobs, and reducing poverty, as well as the contribution of large businesses in driving productivity and stimulating income-generating activities. They also recognized the IB model's potential for achieving economic, commercial, and social goals.

The Plan of Action for the Promotion of Inclusive Business in Asean (2023-2027), which Asean Economic Ministers endorsed at the 55th Asean Economic Ministers' Meeting on August 17 in Semarang, Indonesia, is guiding this high-level commitment.