APEC High-Level Dialogue on Inclusive Business kicks off in Manila

Some 200 delegates from the 21 member economies of the Asia-Pacific Economic Cooperation (APEC) gathered in Metro Manila, Philippines, Thursday for the APEC High-Level Dialogue on Inclusive Business.

The dialogue was focused on establishing a common understanding of inclusive business among APEC members, and to plan how present work on inclusive business can continue when Peru follows the Philippines as APEC chair in 2016, said Adrian Cristobal Jr., Philippine Department of Trade and Industry Undersecretary and Board of Investments managing head.

Inclusive business covers profitable business models that help address the different problems faced by poor and low-income communities, he said.

In the Asia-Pacific region, more than 700 million people live below the 1.25 U.S. dollars-per-day poverty line, a group collectively known as the base of the pyramid.

Inclusive business models transform this group into a new market for goods and services, as well as a pool of talent, skilled labor, and entrepreneurship that strengthens companies' supply and distribution systems, Cristobal said.

"By engaging the base of the pyramid as customers, suppliers, and employees, businesses become lasting partners of poor communities, ensuring that everyone benefits from economic growth. Integrating inclusive business into public policy is thus one of our main concerns," he explained. Enditem