In Pakistan, many women-owned businesses are ready to grow by becoming a part of global supply chains, and it will now have access to networks, world-class training, and information just due to the launch of the Women’s Business Opportunity Initiative. It is an effort that led by a non-profit WEConnect International organization.
The initiative is designed to increase the competitiveness and inclusiveness of supply chains globally and also to help Pakistani women entrepreneurs to access opportunities for growth in their businesses and become successful.
US Embassy Islamabad Charge d’ Affaires Angela P Aggeler said that; through this initiative for businesswomen, there is a great potential to strengthen these entrepreneurs’ foothold in Pakistan’s economy, and also across the borders along with multinational corporations. Boosting the revenues of women-owned businesses will also increase the employment and benefits their employees, families, as well as communities.
She said that the International Monetary Fund (IMF) has estimated that closing of the gender gap in our economy could boost Pakistan’s productivity and growth up to 30% while addressing the virtual event that takes place during the Global Entrepreneurship Week which was hosted by the US Embassy Islamabad and also the US-Pakistan Women’s Council.
Women of Pakistan, unfortunately, held back from effectively and efficiently contributing to the growth of our country and also to the economy by regressive laws, cultural and social norms, social policy, corporate practices and in some instances, the coercion violence, and threats from the intolerant of women’s participation in our economy.
She further said: Pakistanis are working hard to overcome the challenges and this is perhaps one of the many areas of strong collaboration between the two countries Pakistan and the United States, such as USAID’s efforts, it is to promote the small and medium enterprise development and their growth.
The research was presented in the event, and according to that, approximately one-third of buyers in the country, Pakistan are procuring from women-owned businesses, and the one in four has a policy that also encourages the inclusive sourcing.
According to the WEConnect, globally, the women entrepreneurs take less than 1% of their money in large corporations and the governments spend on suppliers. This is the reason that the Women’s Business Opportunity Initiative is designed in order to help others and address that situation.
