On Sunday, the General Director of the WTO, Nigerian Ngozi Okonjo-Iweala, announced the launch of a $50 million fund aimed at supporting female entrepreneurs from developing countries in expanding their exports through opportunities offered by the digital economy.
The announcement was made on the eve of the opening of the 13th Ministerial Conference of the World Trade Organization, scheduled to run until February 29 in the United Arab Emirates. "I am delighted by the launch of this groundbreaking effort, which embodies our collective commitment to women's empowerment," said Okonjo-Iweala alongside the Emirati Minister of State for Foreign Trade, Thani al-Zeyoudi.
We need solutions to address the financing challenges faced by women," she emphasized. The fund will assist women-led businesses in developing and least developed countries in adopting digital technologies and enhancing their online presence. The Emirati minister stated that his country would contribute $5 million, asserting, "This initiative allows us to celebrate the invaluable contribution of women entrepreneurs and women-led businesses worldwide and recognize the essential role they play in economic growth." This fund will serve as a "platform to help more women engage in the global trading system. While women make up half of the world's population, they only contribute 37% to global GDP," he highlighted.
The Saudi Minister of Commerce, Majid al-Kasabi, who was also present, spoke in support of the WTO initiative, which he deemed an "important step." He said that "Saudi Arabia is committed to supporting women's empowerment." According to the WTO, digital trade as a whole, and especially digital services, are the fastest-growing segment of international trade, averaging 8% growth since 2005.
"Over the past three years, I have met women entrepreneurs in several countries and continents, all with new and different ideas, exporting their products or seeking access to global markets," said Okonjo-Iweala. "However, a common theme among all these entrepreneurs is the need for adequate financing to expand their operations and capitalize on the extensive opportunities presented by global trade," she emphasized.
AFP
The announcement was made on the eve of the opening of the 13th Ministerial Conference of the World Trade Organization, scheduled to run until February 29 in the United Arab Emirates. "I am delighted by the launch of this groundbreaking effort, which embodies our collective commitment to women's empowerment," said Okonjo-Iweala alongside the Emirati Minister of State for Foreign Trade, Thani al-Zeyoudi.
We need solutions to address the financing challenges faced by women," she emphasized. The fund will assist women-led businesses in developing and least developed countries in adopting digital technologies and enhancing their online presence. The Emirati minister stated that his country would contribute $5 million, asserting, "This initiative allows us to celebrate the invaluable contribution of women entrepreneurs and women-led businesses worldwide and recognize the essential role they play in economic growth." This fund will serve as a "platform to help more women engage in the global trading system. While women make up half of the world's population, they only contribute 37% to global GDP," he highlighted.
The Saudi Minister of Commerce, Majid al-Kasabi, who was also present, spoke in support of the WTO initiative, which he deemed an "important step." He said that "Saudi Arabia is committed to supporting women's empowerment." According to the WTO, digital trade as a whole, and especially digital services, are the fastest-growing segment of international trade, averaging 8% growth since 2005.
"Over the past three years, I have met women entrepreneurs in several countries and continents, all with new and different ideas, exporting their products or seeking access to global markets," said Okonjo-Iweala. "However, a common theme among all these entrepreneurs is the need for adequate financing to expand their operations and capitalize on the extensive opportunities presented by global trade," she emphasized.
AFP
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