Programme launched to support businesswomen
Speakers were of the view that voices of women needed to be ensured and strengthened at key business forums. PHOTO: REUTERS
Women-owned businesses in Pakistan that are ready to grow by becoming part of global supply chains will now have access to world-class training, networks and information due to the launch of Women's Business Opportunity Initiative, an effort led by non-profit WEConnect International.
The Women's Business Opportunity Initiative is designed to increase the inclusiveness and competitiveness of supply chains globally and to help women entrepreneurs in Pakistan access opportunities to grow their businesses and thrive.
"Through this initiative, there is great potential to strengthen women entrepreneurs' foothold in Pakistan's economy, as well as across borders with multinational corporations. Boosting revenues of women-owned businesses benefits their employees, families, and communities," said US Embassy Islamabad Charge d' Affaires Angela P Aggeler.
Addressing a virtual event taking place during the Global Entrepreneurship Week, hosted by the US Embassy Islamabad and the US-Pakistan Women's Council, she said the International Monetary Fund (IMF) estimated that closing the gender gap in the economy could boost Pakistan's productivity and growth by 30%.
"Unfortunately, women are held back from effectively contributing to the growth of Pakistan's economy by regressive laws, social and cultural norms, corporate practices, social policy, and in some instances, violence, coercion, and threats from those intolerant of women's participation in the economy."
However, "we know many in Pakistan are working to overcome these challenges, and this is one of the many areas of strong collaboration between Pakistan and the United States, such as USAID's efforts to promote small and medium enterprise growth and development," she added.
The economic gains from investing in women and girls were immense, Aggeler said, adding that in the US the continued growth in women's income was responsible for most of the increase in the income of American families.
According to a research presented during the event, approximately one-third of buyers in Pakistan procure from womenowned businesses, and one in four has a policy that encourages inclusive sourcing.
According to WEConnect, globally, women entrepreneurs take in less than 1% of the money large corporations and governments spend on suppliers. The Women's Business Opportunity Initiative is designed to help address that situation.
The programme aims to foster research, capacity building, and matchmaking between corporations and qualified womenowned businesses to build inclusive and competitive supply chains in Pakistan. This will help women entrepreneurs access the opportunities to grow their businesses and thrive.