Supporting the empowerment of women in the workforce

The B20 Women in Business Action Council (WiBAC) has drafted three strategies to expedite the involvement of women in the global economy.
By: | June 21, 2022

The first WiBAC strategy concerns the empowerment of women entrepreneurs. The second involves women’s access to digital skills and leadership development and the third revolves around promoting safe and fair workplaces, Ira Noviarti, Chair of the Business20 (B20) WiBAC said during a virtual G20 side event.

G20 is an international forum comprising 19 countries who work together to handle major issues – Indonesia is holding the presidency of the grouping this year. B20 is G20’s official dialogue forum with the global business community and provides practical policy recommendations from a business viewpoint to the G20.

WiBAC has also recommended that the B20 take active steps to encourage the involvement of women in the global economy through their participation in the One Global Empowerment Platform.

“This platform will unite global networks and capability to expedite and enlarge the initiatives’ scale to support businesses led by women and empower women in the workplace,” said Noviarti.

The platform is also expected to connect women’s empowerment efforts conducted by the Indonesian G20 Presidency and the Indonesian B20, primarily for Indonesia, India, Brazil, and surrounding countries. 

Women’s empowerment, and specifically, the development of women-owned micro, small, and medium enterprises (MSMEs), could have an important bearing on global economic development. It could produce income, wealth, and a chain of reactions through the creation of jobs and innovations. 

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If women’s capability to participate in the global economy is equal to men’s, the growth of global gross domestic product (GDP) could increase by 3% to 6% year-on-year annually, Noviarti said. 

“The empowerment of women to participate in the global economy in equal proportion to men can increase the GDP to US$28 trillion by 2025,” she said, according to Antara.