WEConnect International and U.S. Embassy host key events to advance gender

When women are fully included in decision-making and economic development countries will benefit. Empowering women in business drives inclusive, sustainable growth for all Sri Lankans,” said Julie Chung, U.S. Ambassador to Sri Lanka at the WEConnect International, with support from the U.S. Embassy, hosted Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable in Colombo, Sri Lanka recently. These events aim to empower and connect women-owned businesses with key industry leaders and potential buyers, fostering economic growth and promoting gender inclusivity within value chains.

“I’m thrilled to meet so many inspiring women entrepreneurs and glad that the United States can be part of their success story,” she added.

During the event it was revealed that Sri Lanka has made significant strides in gender equality, yet women-owned businesses still face challenges in accessing markets and finance. Women make up approximately 35% of the total labor force in Sri Lanka, but only a small percentage are business owners.

According to the International Finance Corporation (IFC), only about 20% of formal small and medium enterprises (SMEs) in Sri Lanka are women-owned. These initiatives are crucial for bridging this gap and ensuring that women entrepreneurs can thrive in the competitive market. Gender-responsive sourcing is vital for 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 shown that diverse supply chains are not only more resilient but also deliver better business outcomes.

The class culminates in a pitch session where participants present their businesses to a panel of buyers, providing valuable feedback and potentially opening doors to new business opportunities.

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.

Embracing supplier diversity helps create a more equitable economic landscape, driving both local and global prosperity. 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.

“These initiatives are pivotal in creating economic opportunities for women-owned businesses and driving positive social change,” says Saritha Venumbaka, Chief Operating Officer of WEConnect International. WEConnect International is a global non-profit that connects women-owned businesses to qualified buyers around the world.

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