Women entrepreneurs are needed agents of change

The Asia-Pacific needs more women entrepreneurs. Women's economic empowerment and gender equality depend on it, as does the inclusive economic growth needed to achieve the United Nations' 2030 Sustainable Development Goals. This need drives a new initiative by the United Nations Economic and Social Commission for Asia and the Pacific, generously supported by Global Affairs Canada, that is focused on improving women entrepreneurs' access to finance in the region.

Establishing a business can be life-changing. Particularly for women in developing countries where it's a passport to financial independence: a means of breaking out of poverty. More women in employment gives families financial security. It helps guarantee children a good diet, a solid education and reliable healthcare. And because women employ other women and spend more on their families, women entrepreneurs create more inclusive economies and prosperous communities. Potential GDP gains from gender equality in the workplace are enormous, up to 50 percent in parts of South Asia.

But for all this potential, businesswomen face considerable obstacles in Asia and the Pacific. Representation on company boards is lower than in any other region and women CEOs are precious few. Gender bias runs through inheritance, labor and social security laws. Many women work in the informal economy with no social protection and societal prejudice frustrates women's entrepreneurial potential. Across Asia, women give up to six hours of unpaid care work a day: thwarting educational attainment and career prospects.