Hotels for Countries by Shimon Sheves
How Industries Can Support Local Economies Worldwide
The global economy has undergone a massive expansion in the past five decades – but not everybody has been part of this growth. Over four billion people around the world still live on less than 4$ a day – and most of these people do not have the prospects required to improve their lives.
For the poor, employment choices and business options are limited by several inter-reliant obstacles. Being geographically secluded, experiencing market failures and being politically isolated are some of the issues the underprivileged face every day. To address these obstacles, it is important to think about creating opportunities in a broader sense.
There are several factors that enable the poor to manage their talents, skills and resources into generating income and prospects. While governments are ultimately considered to be responsible for creating opportunities for their citizens, it is also up to businesses to engage in positive change by challenging the obstacles. By influencing economic improvement, companies could contribute to development, and in turn affect the global economic environment.
The CSR Initiative has created an Economic Opportunity Program with the goal of helping the business community of various industries to use their capabilities to play a major role in creating economic opportunities for poverty-stricken people. The program explores a range of initiatives across a diverse range of industries.
How Businesses Can Offer Support
The Economic Opportunity Program is exploring key strategies that companies can apply to develop economic opportunity:
- Creating inclusive business models by involving the needy in responsible roles like that of suppliers or employees.
- Developing human capital through initiatives that address improvement of the individual’s education, health and skills.
- Building institutional capacity by reinforcing associations with other organisations that are able to play a role in affecting positive change.
- Helping to optimize regulations and policies that improve inclusion of the poor.
A Growing Effort
The support offered would largely depend on the industry the company is involved in. A great variety of industries brings diversity and an improved chance of expanded economic opportunity. Hybrid approaches are common, as is collaboration. The tourism industry in particular has enormous potential for providing dynamic growth options, and is open for exploration.
About the author
Shimon Sheves is an global business men who is involved in many real estate projects around the globe and in developing countries. Sheves brings his knowledge and experience from many years of involvement in the industry.