On August 4 and 5, 2024, WEConnect International, supported by the US Embassy, hosted two pivotal events in Colombo aimed at empowering women business owners in Sri Lanka. The Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable were designed to enhance business opportunities for women-led enterprises and promote gender inclusivity in value chains.
The Supplier Development Masterclass, held on August 4, featured advanced training for over 40 Sri Lankan women entrepreneurs. The program covered essential topics including business strategy, marketing, technology, negotiation, and sales. The class concluded with a pitch session where participants presented their business ideas to a panel of buyers, receiving valuable feedback and potential opportunities for future collaborations.
On August 5, the Supplier Diversity and Inclusion Roundtable brought together more than 35 stakeholders from various sectors, including US diplomats, global business leaders, Sri Lankan government officials, private sector representatives, and academic professionals. This forum focused on developing strategies to integrate gender inclusivity into supply chains, utilizing technology and best practices to drive significant change.
Despite notable progress in gender equality in Sri Lanka, women-owned businesses continue to face obstacles in accessing markets and financial resources. Women comprise approximately 35% of the labor force, but only a small fraction own businesses. According to the International Finance Corporation (IFC), women own around 20% of formal small and medium enterprises (SMEs) in Sri Lanka. These initiatives are critical for addressing these disparities and supporting women entrepreneurs in the competitive market.
Gender-responsive sourcing is key to fostering inclusive economic growth. By incorporating more women-owned businesses into supply chains, companies can drive innovation, enhance sustainability, and promote social equity. Research indicates that diverse supply chains are not only more resilient but also achieve better business outcomes, contributing to a more equitable economic environment.
These events are part of WEConnect International’s ‘Women’s Empowerment Through Economic Inclusion’ initiative, funded by the US Department of State’s Bureau of South and Central Asian Affairs. This initiative aims to create long-term opportunities for women-owned businesses to engage with large buyers, including local and multinational corporations, government agencies, and NGOs in India, Bangladesh, Maldives, and Sri Lanka.
US Ambassador to Sri Lanka Julie Chung expressed enthusiasm about the events, stating, “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.”
Saritha Venumbaka, Chief Operating Officer of WEConnect International, highlighted the significance of the partnership, saying, “We are proud to partner with the US 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.”