How business can fight poverty: lessons from Sri Lanka
As its manufacturing sector grows, companies wishing to invest in Burma should be aware of the bigger picture. Megan Whittaker shares a regional case study
As Burma (Myanmar) opens up to the world, businesses that want to reap the benefits are expected to play by the rules, judged under an international spotlight. In a society changing as quickly and drastically as Burma, however, simply playing by the rules may not be enough.The emergence of mass business is likely to have unintended negative consequences. Predicting these consequences based on the lessons of other developing countries, and addressing them within the companies themselves, may be the best way to mitigate any collateral damage.
According to a recent McKinsey and Co. report, manufacturing has the potential to be Burma's largest sector by 2030, overtaking agriculture, energy and mining. The Wall Street Journal recently reported that Coca Cola and Unilever will invest a total of nearly $1b in Burma over the next decade, making the biggest commitments by western multinational corporations and becoming the first prominent global companies to restart manufacturing in the country.
Many other industries, from textiles to furniture to automobiles, will soon take advantage of and contribute to Burma's growing infrastructure. Already this year, the country's garment exports have seen a record $300m in earnings in the first quarter, and its investment commission recently granted permission for additional foreign garment companies to set up operations in various industrial zones.
More at:
http://www.theguardian.com/global-development-professionals-network/2013/sep/05/manufacturing-burma-myanmar-corporate-social-responsibility
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