In a significant move to advance gender inclusivity and empower women business owners in Sri Lanka, WEConnect International, with the support of the U.S. Embassy, hosted a Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable on August 4-5, 2024, in Colombo. These key events aimed to connect women-owned businesses with industry leaders and potential buyers, fostering economic growth and promoting gender equity within supply chains.
Empowering Through Education: Supplier Development Masterclass
On August 4-5, 2024, U.S. Ambassador Julie Chung joined over 40 Sri Lankan women business owners at the Supplier Development Masterclass, an advanced training program designed to equip participants with essential business skills. The masterclass covered a range of topics, including business strategy, marketing, technology, negotiation, and sales. These in-depth lessons aimed to enhance the competitiveness of women-owned businesses in the market.
The event culminated in a pitch session, where participants presented their businesses to a panel of buyers. This session provided valuable feedback and created opportunities for participants to forge new business relationships. The training was not only about acquiring knowledge but also about building confidence and expanding networks, crucial elements for success in today’s competitive business environment.
Fostering Inclusive Dialogue: Supplier Diversity and Inclusion Roundtable
On August 5, 2024, the Supplier Diversity and Inclusion Roundtable brought together more than 35 diverse stakeholders, including U.S. diplomats, global business leaders, Sri Lankan government representatives, private enterprises, civil society, and academia. The roundtable served as a platform for developing innovative strategies to embed gender inclusivity into value chains, leveraging technology, and best business practices to drive transformative change.
This multi-stakeholder discussion highlighted the importance of gender-responsive sourcing as a driver of 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 consistently shown that diverse supply chains are more resilient and deliver better business outcomes, making the case for supplier diversity even stronger.
Addressing the Challenges: Bridging the Gender Gap in Business
Despite Sri Lanka’s progress in gender equality, women-owned businesses continue to face significant challenges in accessing markets and finance. Women constitute approximately 35% of the total labor force in Sri Lanka, yet only a small percentage are business owners. According to the International Finance Corporation (IFC), just about 20% of formal small and medium enterprises (SMEs) in Sri Lanka are women-owned.
The initiatives undertaken by WEConnect International and the U.S. Embassy are crucial in addressing these challenges. By providing women entrepreneurs with the tools, knowledge, and connections needed to succeed, these programs are helping to bridge the gap and ensure that women-owned businesses can thrive in a competitive market.
Driving Economic Growth: The Power of Gender-Responsive Sourcing
Gender-responsive sourcing is not just a matter of social equity; it is a vital component of inclusive economic growth. Companies that incorporate more women-owned businesses into their supply chains are not only supporting gender equality but also driving innovation and improving sustainability. Diverse supply chains have been shown to be more resilient, adaptable, and ultimately more successful.
These events are part of WEConnect International’s Women’s Empowerment Through Economic Inclusion initiative, funded by the U.S. 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 organizations in India, Bangladesh, Maldives, and Sri Lanka.
A Bright Future: Collaboration for Success
The partnership between WEConnect International and the U.S. Embassy exemplifies the power of collaboration in driving positive social change. As Saritha Venumbaka, Chief Operating Officer of WEConnect International, stated, “We are proud to partner with the U.S. 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.”
U.S. Ambassador Julie Chung echoed this sentiment, saying, “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.”
As Sri Lanka continues to make strides towards gender equality, initiatives like these are crucial in ensuring that women entrepreneurs have the resources, support, and opportunities they need to succeed. The future looks bright for women-owned businesses in Sri Lanka, as they continue to play a key role in the country’s economic growth and development.
