There are big (business) opportunities which we can achieve through equal participation of women in the economy sector.
Business 20 (B20) Indonesia Women in Business Action Council (WiBAC), one of the B20 task forces, has encouraged the empowerment of women-led micro, small, and medium enterprises (MSMEs) to accelerate global economic growth.
B20 is G20's official dialogue forum with the global business community. It provides practical policy recommendations from a business viewpoint to the G20.
To promote the policy and action recommendations prepared by the task force for promoting inclusive, resilient, and sustainable global economic growth through women’s empowerment, the B20 WiBAC organized its first side event themed “Accelerating Inclusion of Women MSMEs in the Global Economy” here on Friday.
"There are big (business) opportunities which we can achieve through equal participation of women in the economy sector,” chair of B20 WiBAC, Ira Noviarti, said in a statement.
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However, there has been a wide gap when it comes to exploiting these opportunities, especially due to the pandemic, since 2020, she added.
The lack of access, opportunity, and representation of women in strategic positions in the business sector will become the focus of the B20 WiBAC so that the problem can be solved together, she informed.
B20 WiBAC's data shows that equal gender participation in the global economy could boost global gross domestic product (GDP) growth by US$28 trillion by 2025.
In Indonesia, MSMEs contribute to 60 percent of the total national economy and 97 percent of jobs. At least 64 percent of the MSMEs are owned by women.
According to the chair of B20 Indonesia, Shinta Kamdani, the B20 has established a platform called One Global Women Empowerment (OGWE) to empower 1,000 women entrepreneurs by improving their digital skills and providing access to funding and investment.
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Furthermore, she informed that the B20 WiBAC has recommended three main efforts to encourage innovative, inclusive, and collaborative economic growth.
They include empowering women entrepreneurs by developing an ecosystem that can provide access to financial assistance, regulations, and technical assistance; encouraging women's digital and leadership skills; as well as promoting a fair and safe working environment for all.
At the B20 WiBAC’s side event on Friday, two memorandums of understanding (MoUs) were signed between several companies, who committed to advancing women MSMEs in Indonesia.
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