Decent Work and Economic Growth
This goal aims to develop the capacity of local industries to contribute to the economic growth (green) structural transformation of industry related services. This transformation can be achieved through value addition, economic diversification, export promotion and the creation of decent jobs.
Concepts and case studies under SDG 8 are as follows:
Corporate social responsibility
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders and the community. By practicing corporate social responsibility, companies are conscious of the kind of impact they have on all aspects of society including the economy, society and the environment (Chen, 2019). CSR goes beyond earning money for shareholders, it is concerned with protecting the interests of all stakeholders, such as employees, customers, suppliers and the communities in which businesses operate (McCombs School of Business, n.d.).
How Hong Kong’s CSR experience can enhance the success of Belt and Road initiative
Social enterprise
Social enterprise refers to those businesses that have specific social objectives, for example, providing employment and training for the socially disadvantaged or protecting the environment as well as providing services and products like regular businesses. However, their primary goal is not profit making (Home Affairs Department, 2016). The difference between a social enterprise idea and a traditional business idea is the motivation of the entrepreneur. The main motivation for a traditional entrepreneur is usually a desire to make money, whereas social entrepreneurs are driven by a passion to solve a social problem, and choose to use their business as a mechanism to solve these problems (The Sedge, 2018).
Riders for health in Africa
Quality of life and economic indicators
An important part of economic development practice is to improve people's quality of life. Business activities create jobs, which create income, which creates wealth, which raises people's quality of life. This in turn attracts more business activities, which in turn create jobs and so on, in an economic development cycle (Quality of Life in Economic Development, 2017). The ability to generate and sustain inclusive wealth and a decent standard of life for all citizens in our globalized world of competing economies, depends on five key elements that interact and influence each other. These are: natural capital, social capital, resource management, intellectual capital and governance efficiency (Global Sustainable Competitiveness Index 2017, 2017).
Quality of life in economic development and the case of Hong Kong “from an expat point of view”
Sustainable innovation
Sustainable innovation is a process whereby sustainability considerations (environmental, social and economic) are integrated into all company processes from idea generation through to research and development (R&D) and commercialization. It can be applied to products, services and technologies, as well as new business and organization models (Charter, 2007). Sustainable innovation is a new and evolving area that also relates to eco-innovation, which is any form of innovation that makes significant and proven progress towards the goal of sustainable development, by reducing impacts on the environment or by achieving a more efficient and responsible use of natural resources, including energy (Competitiveness and Innovation Framework, 2007 to 2013).
