(Commonwealth_ WEConnect International, in collaboration with the US Embassy, recently hosted a pivotal Supplier Development Masterclass and Supplier Diversity and Inclusion Roundtable in Colombo. These events were designed to empower women-owned businesses by connecting them with key industry leaders and potential buyers, promoting gender inclusivity within value chains and contributing to economic growth.
US Ambassador Julie Chung, alongside over 40 Sri Lankan women business owners, participated in the Supplier Development Masterclass. This advanced training program offered comprehensive lessons on business strategy, marketing, technology, negotiation, and sales. The program culminated in a high-impact pitch session where the participants presented their businesses to a panel of buyers. This not only provided invaluable feedback but also created potential new business opportunities, as participants showcased their ideas and gained insights into how to enhance their competitiveness.
Complementing the masterclass, the Supplier Diversity and Inclusion Roundtable brought together more than 35 diverse stakeholders from different sectors. Among those participating were US diplomats, global business leaders, Sri Lankan Government officials, private sector enterprises, civil society representatives, and academics. This multi-stakeholder discussion aimed to foster innovative strategies for embedding gender inclusivity into business value chains. Participants focused on driving transformative change within the supply chain landscape by leveraging technology and incorporating best practices.
While Sri Lanka has made significant progress toward gender equality, women-owned businesses still encounter substantial barriers, particularly in accessing markets and finance. Women make up around 35% of Sri Lanka’s labor force, yet a relatively small percentage are business owners. According to the International Finance Corporation (IFC), only about 20% of formal small and medium enterprises (SMEs) in Sri Lanka are women-owned. Such disparities underscore the importance of initiatives like the ones spearheaded by WEConnect International. These efforts are crucial in helping women entrepreneurs overcome market entry challenges and thrive in an increasingly competitive business environment.
A central theme throughout both events was the importance of gender-responsive sourcing for fostering inclusive economic growth. By incorporating more women-owned businesses into supply chains, companies stand to benefit from increased innovation, improved sustainability, and stronger social equity. Research consistently shows that diverse supply chains tend to be more resilient and yield better business outcomes. In this context, embracing supplier diversity not only supports economic inclusivity but also contributes to more equitable and prosperous local and global economies.
These events were held as part of WEConnect International’s broader Women’s Empowerment through Economic Inclusion initiative. This initiative is funded by the US Department of State’s Bureau of South and Central Asian Affairs and aims to generate long-term opportunities for women-owned businesses. It encourages connections and business engagements between women entrepreneurs and large buyers, including both local and multinational corporations, as well as government agencies, non-profit organizations, and NGOs across India, Bangladesh, Maldives, and Sri Lanka.
US Ambassador Julie Chung expressed her excitement in meeting the participating women entrepreneurs and emphasized the importance of inclusivity in economic development. “I’m thrilled to meet so many inspiring women entrepreneurs and glad that the United States can be part of their success story. We all benefit when women are fully included in decision-making and economic development. Empowering women in business drives inclusive, sustainable growth for all Sri Lankans,” said Ambassador Chung.
Echoing these sentiments, WEConnect International’s Chief Operating Officer, Saritha Venumbaka, highlighted the importance of advancing supplier diversity and inclusive sourcing. She noted, “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.”
