Dao Quang Vinh, Director General of the Institute of Labour Science and Social Affairs under Vietnam’s Ministry of Labour, Invalids and Social Affairs (Source: VNA)

Thua Thien-Hue (VNA) –
It is crucial to mainstream women’s participation in Inclusive Business whether they are consumers, producers, workers and distributors,  a Vietnamese official has said, noting that APEC can benefit much from the initiative because women’s full potentials will be tapped.

The remark was made by Dao Quang Vinh, Director General of the Institute of Labour Science and Social Affairs under Vietnam’s Ministry of Labour, Invalids and Social Affairs (MOLISA), at the 2017 APEC Seminar on Women as Prime Movers of Inclusive Business in Hue city, the central province of Thua Thien-Hue, on September 26.
 

Vinh noted that to deal with the chronic issues of poverty and to further promote the regional economic development, APEC leaders have continuously recognised women’s immerse contributions to economic and social development and have sustained their support to further mainstreaming gender equality and women’s economic empowerment across APEC work streams.

Various approaches and models to combat poverty have continuously been introduced and implemented across the economies through joint public and private efforts. Among the solutions presented is the Inclusive Business model, which is perceived to bring benefits to low-income or poor communities, including women, thus contributing to poverty alleviation in the region, Vinh said.

The MOLISA official stressed that the seminar on women as prime movers of Inclusive Business is an important content during the 2017 APEC Women and the Economy Forum.
 
At the 2017 APEC Seminar on Women as Prime Movers of Inclusive Business (Source: VNA)

Presentations and discussions on the topic will be valuable input for further actions among APEC economies in “creating new dynamism and fostering a shared future”, especially in leveraging the role of women in promoting inclusive business, contributing to poverty reduction across the region, he added.

Sharing the same view on the crucial role of women in an economy, Rhodora T. Masilang-Bucoy, Chairperson of the Philippine Commission on Women and head of the Philippine delegation to the 2017 APEC Women and the Economy Forum, said it is important to look into Inclusive Business models that address barriers to women’s economic empowerment.
 
The key findings and analyses from a survey of the “APEC Women as Prime Movers of Inclusive Business” Project showed that there is still a need for institutions to enhance the enabling environment for women to participate in inclusive businesses; to re-create, re-design and innovate; to be more gender responsive in effecting the enabling conditions for women to be prime-movers of Inclusive Business.

According to Dao Quang Vinh, the 21 APEC member economies employ around 600 million women as part of the labour force, with more than 60 percent of them working in the formal sector. The remaining 40 percent are working in the informal sector, and they are facing a number of barriers such as poverty, limited access to financial report, poor technical and professional skills, low educational attainment and poor soft skills required for integration and globalisation.

The United Nations said that barriers to women’s economic participation should be eliminated or up to 89 billion USD could be lost within the regional economy every year.

The seminar, hosted by the Philippine Department of Trade and Industry and in cooperation with MOLISA, was part of the 2017 APEC Women and the Economy Forum that lasts from September 26 to 29 in Hue city.

Established in 1989, APEC comprises 21 economies, including Australia, Brunei, Canada, Chile, China, Hong Kong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand, the US, and Vietnam.

Vietnam, joining APEC in 1998, is hosting APEC in 2017 under the theme “Creating New Dynamism, Fostering a Shared Future”.-VNA