UNITED NATIONS, July 1 (UPI) -- Companies should expand their business to bring in the world's poor as partners for economic growth, a U.N. report issued from New York said.
In its report, the United Nations Development Program points to the raw potential of the poor for consumption, production, innovation, and business activity, the U.N. said in a Tuesday release. The more companies include the poor, the more likely they will contribute to economic growth and help reach the U.N.'s Millennium Development Goals, global anti-poverty targets to be achieved by 2015.
"The power of poor people to benefit from market activity lies in their ability to participate in markets and take advantage of market opportunities," UNDP Administrator Kemal Dervis said. "Business models that include the poor require broad support and offer gains for all."
Relying on case studies and business models, the report included five strategies private businesses used successfully in overcoming obstacles when doing business with the poor:
-- Adapting products and services.
-- Investing in infrastructure.
-- Investing in training to remove barriers.
-- Leveraging the strengths of the poor to increase labor and management pools.
-- Expanding local knowledge.