Want business growth? Boost gender equity, say Apec CEO Summit speakers
The government and private sectors must improve gender equity to boost sustainable growth in the Asia-Pacific region, speakers at the Apec CEO Summit in Bangkok said on Friday.
Timothy D Dattels, Canada's Apec Business Advisory Council member, told the session on "Creating Gender Equity to Drive Growth" that the issue had reached a tipping point in his country thanks to Prime Minister Justin Trudeau's commitment to gender equality within the Cabinet.
"PM Justin Trudeau ran a campaign on gender equality and delivered," he told delegates at downtown Bangkok’s Athenee Hotel.
He also highlighted the link between gender parity and business performance.
North American companies in the top quartile for gender equity outperform their peers by 27%, he pointed out.
"Organisations need to rethink training, hiring and incentivising structures, particularly to address gaps at the entry level," he said.
Meanwhile, United Nations Resident Coordinator in Thailand, Gita Sabharwal, said sustainable development starts by promoting gender equality in organisations.
She said social protection programmes are needed to promote gender equality as many women work in the informal economy where social welfare is lacking.
“In Asia, every other woman works in the informal economy, with low pay, low skills and very little social support,” she said.
She advised upskilling women in information communication technology (ICT) and STEM (science, technology, engineering and mathematics) to allow greater participation in developing industries.
"Financing for female entrepreneurs also should be strengthened to open new opportunities," she added.
Kasikornbank (KBank) CEO Kattiya Indaravijaya argued that equal opportunities should be offered to women at the education level as well as in the workforce.
"Equality extends not just to women, but also LGBTQ+ identities as well," she said. “All genders, including LGBTQ+, should have equal opportunities.”
She added that equal opportunity among all genders is crucial to driving sustainable growth.
“When we talk about growth, it is not just about the economy but people’s well-being and happiness,” said the bank chief.
Related stories:
