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Business Initiative Leading Development (BUILD) and International Trade Centre (ITC)–SheTrades Programme, in collaboration with Bangladesh Standards and Testing Institution (BSTI), decided to work together to develop and adopt the globally recognised ISO standard definition of Women Entrepreneurship (ISO IWA 34:2021) in Bangladesh.
In this context, a virtual discussion programme was held Tuesday to discuss a clear and universally agreed-upon definition of women-owned and women-led businesses as various institutions use different terminologies in the country.
Along with Selima Ahmad MP, representatives of the Ministry of Industries, and women entrepreneurs joined the virtual programme to share their views on the issue, according to a press release.
In the keynote, Ferdaus Ara Begum, CEO of BUILD, mentioned that despite the contribution of women entrepreneurs to the economy, they are deprived of fair opportunities and scope.
“One of the main reasons for this is the lack of gender-disaggregated data in our country. Adopting a global definition can allow Women entrepreneurs (WEs) to be integrated with the international business and exploit the benefits of policies announced by the government,” she added.
She also shared examples of several countries accepting the ISO definition and the benefits they have received as a result.
Selima Ahmad MP informed that the Bangladesh Bank and the Ministry of Industries had provided definitions of women entrepreneurs in Bangladesh.
“We need to consider the term women-owned business and the percentage of ownership while setting up the definition,” she said. She assured every possible support from the end of Parliament to formulate a globally recognised and harmonised definition of WEs.
Rebeca Nasrin, director of Chittagong Women Chamber of Commerce and Industry, pointed out that to avail loans banks consider 60 per cent ownership rather than the existing 51 per cent provision to treat the business as owned by women.
“Besides, women face some constraints in accessing monetary assistance from financial institutions. Many WEs from the SME sector were deprived of availing of stimulus packages announced by the government amid the pandemic,” she added.
Salim Ullah, senior assistant secretary, Ministry of Industries, informed that the ministry includes a dedicated chapter regarding women entrepreneurs in the draft of the National Industrial Policy-2022.
He requested to send the outcomes of the session to the ministry so that they could accommodate the remarks in the draft policy, which is going to be finalised very soon, he added.
