Empowering women business owners in Sri Lanka

• WEConnect International and US Embassy host key events to advance gender inclusive supply chains

WEConnect International, with support from the US Embassy, recently hosted a Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable in Colombo.

These events aim to empower and connect women-owned businesses with key industry leaders and potential buyers, fostering economic growth and promoting gender inclusivity within value chains. 

US Ambassador Julie Chung joined over 40 Sri Lankan women business owners as they participated in the Supplier Development Masterclass, an advanced training program featuring in-depth lessons on business strategy, marketing, technology, negotiation, and sales. The class culminates in a pitch session where participants presented their businesses to a panel of buyers, providing valuable feedback and potentially opening doors to new business opportunities. 

The Supplier Diversity and Inclusion Roundtable brought together more than 35 diverse stakeholders, including US diplomats, global business leaders, Sri Lankan Government representatives, private enterprises, civil society, and academia. This multi-stakeholder discussion aimed at developing innovative strategies for embedding gender inclusivity into value chains, leveraging technology and best business practices to drive transformative change. 

Sri Lanka has made significant strides in gender equality, yet women-owned businesses still face challenges in accessing markets and finance. Women make up approximately 35% of the total labour force in Sri Lanka, but only a small percentage are business owners. According to the International Finance Corporation (IFC), only about 20% of formal small and medium enterprises (SMEs) in Sri Lanka are women-owned. These initiatives are crucial for bridging this gap and ensuring that women entrepreneurs can thrive in the competitive market. 

Gender-responsive sourcing is vital for inclusive economic growth. By incorporating more women- owned businesses into supply chains, companies can enhance innovation, improve sustainability, and contribute to social equity. Research has shown that diverse supply chains are not only more resilient but also deliver better business outcomes. Embracing supplier diversity helps create a more equitable economic landscape, driving both local and global prosperity. 

These events are part of WEConnect International’s Women’s Empowerment through Economic Inclusion initiative, funded by the US Department of State’s Bureau of South and Central Asian Affairs. This initiative focuses on generating long-term opportunities for women-owned businesses to connect and conduct business with large buyers, including local and multinational corporations, government agencies, and non-profit and non-governmental organisations in India, Bangladesh, Maldives, and Sri Lanka. 

“I’m thrilled to meet so many inspiring women entrepreneurs and glad that the United States can be part of their success story. When women are fully included in decision-making and economic development, we all benefit. Empowering women in business drives inclusive, sustainable growth for all Sri Lankans,” said US Ambassador to Sri Lanka Julie Chung. 

“We are proud to partner with the US Embassy to advance supplier diversity and inclusive sourcing in the region. These initiatives are pivotal in creating economic opportunities for women-owned businesses and driving positive social change,” says WEConnect International Chief Operating Officer Saritha Venumbaka.