Invest in women to drive economic growth

The government and businesses alike should invest in women and give them opportunities to help them contribute to the economy, a group of experts said yesterday.

"Investing in women helps speed up the development of local economies and create more equitable societies," said Carmen Z Lamagna, vice chancellor of American International University-Bangladesh.

She said economic development efforts to combat poverty can only succeed if women are part of the solution.

"Doing so yields a double dividend: when women are economically empowered, they raise healthier, better educated families, and their countries are more economically prosperous because of it too."

Lamagna spoke at a seminar on women's empowerment at the International School Dhaka (ISD) in the capital.

Lamagna said the economy needs female contribution, and there is need for action that removes obstacles that currently restrict women from realising their potential.

Research shows that inequalities persist in the way paid and unpaid work is divided between women and men; and in the fact that women remain as sole caregivers at home, and in their limited access to resources, the Filipino scholar said.

"These imbalances slow economic growth."

If household work were paid for, the additional value of the work done by women would be equivalent to 87.2 percent of the current gross domestic product as they spend an average seven hours a day in household chores, according to a recent study by the think-tank Centre for Policy Dialogue.

"Unfortunately, this beneficial worth is not recognised by our male-dominated society." 

Lamagna said nobody can deny that acceleration of women's participation is proportionate to a country's economic growth.

"To achieve this we urgently need to broaden girls' aspirations and career choices, to create a business culture that embraces flexible working and provides better support for working parents."

The AIUB VC said when governments, businesses and communities invest in women, and when they work to eliminate inequalities, developing countries are less likely to be plagued by poverty.

"As a result, entire nations can also better their chance of becoming stronger players in the global marketplace."

Where women's participation in the labour force grew fast, the economy experienced the largest reduction in poverty rates, she said citing a study by Washington-based International Research Centre for Women.

Rokia Afzal Rahman, a leading woman entrepreneur in Bangladesh, lauded non-governmental organisations and garment entrepreneurs for giving a vast number of women a means to improve life. 

She also thanked the government for making education for girls free up to the degree level and providing free books -- as it will support women's empowerment in the country.

Dr Iftekharuzzaman, executive director of Transparency International Bangladesh, said one of the major obstacles women face today is corruption.

He said although Bangladesh is the only country in the world where the prime minister, the speaker, the opposition leader and the leader of a major political party are all women, the real picture is not that rosy.

"That's the forest which looks good from distance. But if we look at the trees then we will find that the situation is terrible."

"We have to create genuine political, economic and governance space to ensure true women empowerment," he said, adding that women empowerment is needed for the future of the country. 

A system has to be created in the country where women will move up the ladder based on pure potential, rather than someone's personal choice or favouritism, Iftekharuzzaman said.

He said a lot has been achieved in Bangladesh in areas such as girls' education, their school enrolment, women's participation in the labour force and maternal health, but it remains to be seen if it is sustainable.

Women's capacity has to be developed through training and education so they can grow as well as help the country grow, said Selima Ahmad, president of Bangladesh Women Chamber of Commerce and Industry.

The noted entrepreneur also said the country would have to eliminate early marriage of girls, end violence against women and ensure a gender-friendly environment for women no matter where they go. 

Ahmad said Bangladesh has good laws on domestic violence. Still, 87 percent women face violence domestically. "Mothers still struggle to marry off their daughters without dowry.”

Stacey Smith, deputy head of secondary school of ISD, said girls have to be nurtured so they believe in themselves.

Shania Mahia Abedin, a 10th grade student of ISD, organised the seminar in association with her school.