SUSTAINABLE BUSINESS STRATEGIES FOR DEVELOPING ECONOMIES: POLICY IMPLICATIONS FOR INCLUSIVE GROWTH

Abstract

This paper investigates how sustainable business strategies can contribute to inclusive economic development in the developing economies with an emphasis on how it should be guided by policy. Sustainable business practices that incorporate economic, social, and environmental goals are becoming a widely accepted key to business success in the short term, and long-term social welfare of the society. These strategies in developing economies facilitate the creation of job opportunities, economic growth in the host communities, and minimization of social inequalities, as well as environmental stewardship. Nevertheless, government policies that provide incentives to adopt sustainable practices, ensure social inclusion as well as access to resources and capital have a great influence on the adoption of such practices. This paper explores the mutual reliance of sustainability of business strategies, policy interventions, and inclusive growth, with the key importance of the role of public-private partnerships, green incentives, and inclusive business models being outlined. The research also addresses the constraints that the businesses experience, which include inaccessibility to finance and poor institutional structures and proposes policy solutions to enhance the support of sustainable and inclusive business. Finally, the paper points out that a synergetic strategy, in which businesses and governments can gear their efforts, can push the developing economies towards a sustainable, fair and successful future.