Bangladesh to be attractive destination of Social Business: Dr Yunus; 80% work done to design social business, once you’ve great ideas, he says

By AKM Moinuddin

Dhaka, Oct 28 (UNB) – Bangladesh will become an attractive destination of ‘Social Business’ in near future setting an example for rest of the world, as it has totally different objectives with special focus on solving society’s most pressing problems, instead of making money.
This was stated by Nobel Laureate Prof Muhammad Yunus, the founder of Grameen Bank and innovator of social business, at the inaugural session of a conference titled ‘Global Social Responsibility’ held at Hotel Radisson in the city on Thursday.
He said that social business is a new concept, completely different from conventional profit-making business. It has objectives to solve social problems in sectors like healthcare, education, affordable housing, clean technology and finance through ensuring access of rural people.
Dr Yunus, who is often called the `grandfather of microfinance’, has urged all to come up with unique ideas to open a door for social business in addressing social needs and resolving social problems saying that “if you have ideas, fund will follow you.”
“Social business needs creativity. Some 80 percent work is done if anybody has great idea…anybody can do it and each one has capacity,” he said adding that the social businesses will become a substantial part of the business world.
Bangladesh German Chamber of Commerce and Industry (BGCCI) with the support of German Embassy in Dhaka and GTZ arranged the conference.
Commerce Minister Faruk Khan, German Ambassador Dr Holger Michael,
Chairman of Otto GmbH & Company Dr Michael Otto, BGCCI president Saiful Islam and President of BASF SE Asia Pacific Saori Dubourg were, among others, present at the inaugural session which was followed by panel discussion moderated by The Daily Star Editor Mahfuz Anam.
Explaining the prospects and progress of social business in Bangladesh, Prof Yunus said a series of such businesses are already in operation in the country jointly with other countries including Germany, France and Japan.
“We’ve signed an agreement with a German-based company, Solar World, to produce solar panels here aiming at cutting cost on solar energy generation. Many foreign companies are coming forward to do social business here,” he said outlining the potential of Bangladesh in social business.
Yunus said they would reach millions of people through the social business and cited some example of such businesses that aim at producing mosquito nets and sanitary napkins, providing arsenic-free water for the disadvantaged people, and producing trained nurses.
Differentiating between charity and social business, he said: “Charity is good… once it’s given it’s given forever, you won’t get it back. In a social business, the investors or owners can gradually recoup the money invested, but cannot take any dividend beyond that point.”
Later, in the interactive session, Prof Yunus said many global universities have been providing academic lessons on the concept of social business.
Replying to a question on organizational structure of the social business firms, he said: “Administrative and financial parts are as usual but its objective is different by which you’re trying to solve a social problem.”
Replying to another query, the innovator of social business said he does not foresee any conflict between two types of business. “Rather, I see competition which is a must in market economy.”
He also discussed his work with Dannon Yogurt Co. to develop a nutrient-enriched yogurt product for children that would help curb child malnutrition in Bangladesh.
Yunus highlighted this project as a prime example of a business developing a cheap yet economically viable product, providing a sustainable solution to pressing social needs.
Yunus’ many years of experience in both commercial and social business makes it possible for him to draw a line between the two. He spoke passionately on his stance, affirming that the two types of business must exist independent of one another.
Expressing his views on social business, Commerce Minister Faruk Khan said: “Social business is something very innovative and I’m sure this concept will be replicated in other parts of the world.”
He urged the corporate companies to invest a portion of their profit in social business as part of their corporate social responsibility.
Faruk Khan said Bangladesh has so many things and achievements that carry positive image of the country but these always remain untold. “We don’t look at our achievements and positive image that we have. Rather, we’ve a tendency of seeing negative things in a big way. It shouldn’t be.”
Daily Star Editor Mahfuz Anam said: “Let’s stop to say Bangladesh is a poor country. Let’s say Bangladesh is a developing country, Bangladesh is moving ahead. We’ve many things that had gone positively.”
Urging all to highlight positive things in representing Bangladesh, Mahfuz Anam said: “Change reality, the image will change itself.”
Talking part in the discussion, Chairman of Otto GmbH & Company Dr Michael Otto said the initiative (social business) is very important to fight against poverty. “Social business concept will be able to solve social problems.”
END/UNB/