Bangladesh needs to promote innovative finance model for social enterprises to unlock investment from the private sector, said Durreen Shahnaz, managing director of Shujog, a social enterprise.
She spoke at a programme titled “Social Enterprise: policy and practice” organised by British Council Bangladesh in partnership with Swiss Agency for Development and Cooperation at Bangabandhu International Conference Center yesterday.
“We need private investment to develop social enterprises,” said Shahnaz adding the country also needs policy support to develop such enterprises.
Rokia Afzal Rahman, Bangladesh Federation of Women Entrepreneurs, said: “We live in a very unfair and unjust world, where most wealth and money is owned by a few people and the rest are in poverty. Bangladesh has many rich people who are becoming richer day by day. On the other hand we also have the extreme poor. In this situation it makes sense to talk about social enterprises. Where commercial enterprises help rich people become richer, social enterprises help the poor to overcome poverty.
She added: “We have very good examples of social enterprises in Bangladesh. For instance, Aarong, a fashion retailer, empower women in rural areas. The profit from their work is reinvested on education and health.
“Social enterprises are very important to bring the country out of poverty. We need policy support from the government to move forward.”
Muhammad A (Rumee) Ali, director of Brac Bank, said: “We need a model for social business enterprises that can change the world and bring welfare for the society through minimising the gap between rich and poor. Bangladesh needs a change in strategy to develop social enterprises.”
Dan Gregory, head of policy of Social Enterprise UK, said: “The government gives 30 percent tax benefit to social enterprises investors and should now provide some policy support to develop these enterprises.”
Deputy British High Commissioner Mark Clayton said: “Social enterprises help create jobs and solve social problems. Such enterprises are important for Bangladesh as they empower women.”
