PM urges women to take lead in economic development

By Charumini de Silva

Prime Minister Ranil Wickremesinghe yesterday emphasised the importance of overall female participation in the economic development of South Asian countries to sustain the growth momentum of the region and called on all regional trade chambers to take the lead to promote bilateral trade.

In his remarks at the SAARC Women Leadership Summit 2017, the Premier expressed optimism over the region’s future economic prospects, which he termed the fastest growing region in the world, but cautioned that countries needed to focus on increasing total women participation in economic activities, ensure their correct place on merit and access to credit in order to bolster the growth impetus within the region.

Organised by the Women’s Chamber of Industry and Commerce (WCIC) Sri Lanka together with the SAARC Chamber Women Entrepreneur Council (SCWEC), under the aegis of the SAARC Chamber of Commerce and Industry (SCCI), the summit brought together high-achieving and the most sought-after women leaders, entrepreneurs, start-up investors, media professionals and mentors to support women entrepreneurship and leadership through participatory presentations, workshops, panel discussions and more.

Wickremesinghe said that although the labour force women participation percentage was high at the lower level, there was very low representation at the top level, saying that it was time to change the situation.

 “We have to ensure that women are given the right for full participation in economic activities — the opportunity to propel growth because your success is our success,” he added.

Despite the high growth experienced in the region at present, the Prime Minister said that SAARC was one of the least integrated regions in the world.

 “As far as State intervention is concerned, there are few bilateral trade agreements, but I think we should further deepen trade ties because that is where the member countries have found it useful. I think overall the trade chambers now have to take the lead in promoting and deepening those trade ties,” he noted.

SCCI President Suraj Vaidya, delivering the keynote address, stressed that it was time for South Asian leadership to take advantage of regional economic prosperity.

Noting that South Asian economic growth was the highest by far globally, with a GDP growth of 6.5%-7.2%, Vaidya said that this presented tremendous business and investment opportunities, adding: “It is the time of South Asia.”

However, he said that though SAARC has benefitted a lot through a political alliance, it has not done much economically.

“Our region is half-full and half-empty. We demand too much for ourselves. The region has tremendous hope and potential. I think our mindset needs to be changed from negative to positive,” he noted.

Vaidya highlighted that women had a very large role to play in South Asian regional development. “It is time that we capitalise on regional integration through various economic activities with the proactive participation of women entrepreneurs,” he stated.

SCWEC Chairperson Rifa Musthapha said women had proved to be the engine of growth and their interests should be incorporated into the national agenda of each of the SAARC countries.

“I propose to initiate a common policy framework for all SAARC countries after a long-term consultative and deliberation process.”

She believes that SCWEC will be the best think tank available for women’s empowerment in this region as out of the total regional population of 1.4 billion 51% were women.

Asserting that SCWEC has initiated strong initiatives over the past 16 years in developing and promoting women entrepreneurship in the region, Musthapha said the platform created in cooperation and networking among women entrepreneurs has created intra-regional development for women entrepreneurship.

“We have learned from each other and implemented favourable policies that benefit the woman in business,” she added.

She commended the Sri Lankan Government’s support and cited Act (1) of 2016, where it was made mandatory to have 25% female representation in local bodies, helping women to get into mainstream politics and definitely creating a paradigm shift where women and women entrepreneurship was secure.

SCWEC Past President Shaista Pervaiz Malik outlined five focal points for impending women’s access to economic opportunities and asserted that South Asia can achieve a lot by ensuring a comprehensive and strategic approach to supporting women entrepreneurship and empowerment.  

“Women in business continue to face many challenges often more complex than what their male counterparts have to deal with. Female entrepreneurs are not just running business, they are also raising families and helping communities. This demands special attention when policies are made, laws are passed and incentives are determined,” she pointed out.

Her five focus areas include closing gender differences in South Asia, increasing female entrepreneurship participation rates, making doing business easier for women, improving women’s access to a business support system and increasing networking opportunities for women.

“For the future economic participation of South Asian women and their sustainable economic empowerment, it is important for us. Let us work towards a peaceful future, let us rise above our egos and think about the future of our children. Powerful women’s foremost responsibility is to empower other women and provide a voice to the voiceless and a face to the faceless,” Malik said.  

Pix by Lasantha Kumara