Ringing the bell to avoid losses in the trillions

Excluding women from the digital world has resulted in a loss of 1 trillion dollars from the gross domestic product (GDP) of low- and middle-income countries in the past decade, according to Corinne Henchoz Pignani, Deputy Head of Cooperation at the Embassy of Switzerland in Bangladesh.

Speaking at the ‘Ring the Bell for Gender Equality’ event in Dhaka on Tuesday, Pignani noted that this loss could grow to 1.5 trillion dollars by 2025 if swift action is not taken.

The event organised by the International Finance Corporation (IFC) in partnership with the Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact, and the Swiss State Secretariat for Economic Affairs (SECO) to commemorate International Women’s Day.

The event aimed to highlight the significance of gender equality for economic development and growth, which has become even more pertinent in the wake of the COVID-19 and global economic downturn. The annual global initiative involves nearly 120 stock exchanges worldwide along with DSE.

Recently released figures showed a slight increase in the percentage of women on the boards of listed companies on the Dhaka Stock Exchange, from 18 per cent in 2022 to 19 per cent in 2023. However, the percentage of women who are independent directors remained at 6%, compared to last year.

Martin Holtmann, IFC’s Country Manager for Bangladesh, Bhutan, and Nepal, emphasised the need to utilize female talent as an economic and business resource more effectively, citing IFC’s research that demonstrates the positive correlation between female leadership and higher environmental, social, and governance (ESG) standards.

Holtmann added that IFC is collaborating with the Dhaka Stock Exchange, regulators, and development partners like SECO to identify gender gaps, respond to different crises, and prevent the gender gap from widening.

Professor Dr. Hafiz Md Hasan Babu, Chairman of the Dhaka Stock Exchange, expressed his belief in the power of gender parity and diversification towards woman empowerment and achieving social protection systems, access to public services, and sustainable infrastructure through the use of digital technology.

The event's chief guest, Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam, stressed the importance of activating the entire population to foster economic growth and added that the participation of women in the small and medium-sized enterprise sector is gradually increasing.

Dr. Shaikh Shamsuddin Ahmed, BSEC Commissioner, noted that the capital market has reduced the cost of operating beneficiary owner accounts for women and floated venture capital for them while also promoting women's participation on boards.