Prime Minister Dr. Harini Amarasuriya underscored the urgent need to increase women’s participation in the economy, both globally and in Sri Lanka.
She highlighted the stark gender disparities in labor force participation, with only 47% of women globally and 32% in Sri Lanka being economically active, compared to 72% and 71% of men, respectively.
Speaking at the launch of the Women’s Entrepreneurial Finance Code, Dr. Amarasuriya stressed the importance of addressing systemic barriers such as limited access to finance, markets, skilled labor, and technology, which hinder women’s entrepreneurial efforts.
She pointed out that Sri Lankan women also face additional challenges, including unsafe public transport and workplace environments, as well as sociocultural norms that place significant domestic responsibilities on them.
According to the International Finance Corporation’s MSME Finance Gap Report, the global finance gap for formal micro, small, and medium enterprises (MSMEs) is estimated at $5.2 trillion, while informal MSMEs face a $2.9 trillion gap. In Sri Lanka, this gap stands at approximately $17 billion, making up 21% of the country’s GDP, with women-led MSMEs disproportionately affected.
Bridging this financing gap could unlock an additional $5-6 trillion in global economic value.
Dr. Amarasuriya also highlighted the Women Entrepreneurs’ Finance Goal (We Finance Goal), a global initiative aimed at improving access to finance for women entrepreneurs through leadership, action, and data-driven approaches.
She noted that Sri Lanka is among the first 24 countries to pilot this initiative, with the Asian Development Bank (ADB) supporting its implementation. In August 2024, Sri Lanka successfully formulated a National Definition for Women-led Businesses under this initiative.
Commending the ADB for its comprehensive support, she emphasized that the initiative has led to improved data collection and reporting, contributing to better policymaking. She reaffirmed the government’s commitment to establishing a national coalition to support women-led MSMEs and strengthen women’s economic empowerment.
