(Commonwealth_ WEConnect International, with support from the US Embassy, recently held two significant events in Colombo, Sri Lanka, on August 4th and 5th: the Supplier Development Masterclass and the Supplier Diversity and Inclusion Roundtable. These initiatives were designed to empower women-owned businesses by connecting them with industry leaders and potential buyers, aiming to foster economic growth and promote gender inclusivity within supply chains.
The Supplier Development Masterclass, held on August 4th and 5th, featured participation from over 40 Sri Lankan women entrepreneurs. US Ambassador to Sri Lanka Julie Chung was among the key figures attending this advanced training program. The Masterclass offered in-depth lessons in critical business areas such as strategy, marketing, technology, negotiation, and sales. One of the highlights of the program was the pitch session, where participants presented their businesses to a panel of buyers. This session not only provided valuable feedback but also opened doors to new business opportunities, enabling these women entrepreneurs to better position themselves in a competitive market.
On August 5th, the Supplier Diversity and Inclusion Roundtable brought together a diverse group of over 35 stakeholders. This included US diplomats, global business leaders, and representatives from the Sri Lankan Government, private enterprises, civil society, and academia. The roundtable provided a platform for multi-stakeholder discussions aimed at developing innovative strategies to embed gender inclusivity into value chains. The focus was on leveraging technology and best business practices to drive transformative change, with the ultimate goal of creating a more equitable economic landscape in Sri Lanka.
These events underscore the importance of gender-responsive sourcing as a catalyst for inclusive economic growth. Women-owned businesses, despite being a critical component of the economy, continue to face significant challenges in accessing markets and finance in Sri Lanka. Although women constitute about 35% of the country’s total labor force, only a small percentage are business owners. The International Finance Corporation (IFC) reports that only around 20% of formal small and medium enterprises (SMEs) in Sri Lanka are owned by women. Bridging this gap is essential to ensuring that women entrepreneurs can thrive and contribute fully to the economy.
Incorporating women-owned businesses into supply chains is crucial not just for promoting social equity but also for enhancing business outcomes. Research has consistently shown that diverse supply chains are more resilient, innovative, and sustainable. By embracing supplier diversity, companies can drive both local and global prosperity, contributing to a more inclusive and equitable economic landscape.
The initiatives by WEConnect International are part of the broader ‘Women’s Empowerment through Economic Inclusion’ initiative, funded by the US Department of State’s Bureau of South and Central Asian Affairs. This initiative aims to create long-term opportunities for women-owned businesses to connect with large buyers, including local and multinational corporations, government agencies, and non-profit organizations across India, Bangladesh, Maldives, and Sri Lanka.
US Ambassador Julie Chung expressed her enthusiasm for the events, stating, “I’m thrilled to meet so many inspiring women entrepreneurs and glad that the United States can be part of their success story. When women are fully included in decision-making and economic development, we all benefit. Empowering women in business drives inclusive, sustainable growth for all Sri Lankans.” This sentiment was echoed by WEConnect International’s Chief Operating Officer, Saritha Venumbaka, who said, “We are proud to partner with the US Embassy to advance supplier diversity and inclusive sourcing in the region. These initiatives are pivotal in creating economic opportunities for women-owned businesses and driving positive social change.”
