BRIDGETOWN, Barbados – The Executive Director of the Geneva-based International Trade Centre (ITC), Pamela Coke-Hamilton, Tuesday praised Caribbean women for being a testament to the very concept of resilience as the Caribbean Development Bank (CDB) launched a new initiative to empower women.
Executive Director of the Geneva-based International Trade Centre (ITC), Pamela Coke-Hamilton, addressing launch of SheTrades Caribbean Hub,”(CMC Photo)The “SheTrades Caribbean Hub,” which is a spin-off from the ITC flagship SheTrades Initiative program, is intended to provides women entrepreneurs in the region with access to key knowledge, resources, and networks, supports policymakers on inclusive reforms, and leverages public and private partnerships to amplify the impact of the work of both the CDB and ITC.
Addressing the launch of the initiative, Coke-Hamilton said are very resilient capable of finding creative solutions to get their products made, even if from their home kitchens, while often balancing caretaking responsibilities within their families.
But she acknowledged that “even the most resilient among us need support,” recalling that women entrepreneurs were more negatively impacted by men during the coronavirus (COVID-19) pandemic.
“Women-led firms operating in industries such as accommodation and food, as well as retail and wholesale, suffered the most. The SME Competitiveness Outlook, our flagship research publication, indicated that up to 64 per cent of women-led firms globally declared that their business operations were strongly affected by the pandemic,” she said, noting that 52 per cent of men-led firms indicated that they’d experienced the same
The Jamaican-born ITC official welcomed the CDB’s involvement in the initiative that will put women entrepreneurs in the spotlight, saying it “ is exactly the kind of change we need, and it is a clear indication that trade and gender, once a topic that rarely entered the policy discourse in the Caribbean, is now getting the attention it rightfully deserves.
“The bank has a critical role to play in the region’s development. Its goals of halving extreme poverty by the end of 2025 among Borrowing Member Countries and supporting inclusive and sustainable growth are objectives that are very much in line with ITC’s mandate
“ Our own strategic plan highlights how trade can contribute to building inclusive and sustainable economies, and like the Bank, we have raised our ambition for women-led businesses, including through launching our “gender moonshot,” which aims to help improve women’s livelihoods through trade.”
Coke-Hamilton said these kinds of efforts are needed “more than ever,” noting that at the Sustainable Development Goals (SDG) summit at the United Nations last week, she heard from partners in the Women’s Entrepreneurship Accelerator about how investing in women businesses is making a tangible difference not just for these entrepreneurs and their communities, but for the wider world.
“This is why .. I believe so deeply in SheTrades Hubs,” she said, describing them as being a a critical component of ITC’s contribution to bringing SDG 5 on gender equality across the finish line.
“Through these Hubs, we want to connect 2,000 women across the globe to markets and financial institutions,” she said, noting that the CDB by providing the funding and serving as host for the SheTrades Regional Hub in the Caribbean over the next two years, it “is officially on board to make this vision a reality.
“This Hub will be a catalyst for greater participation of women-led businesses in the Caribbean region in international trade. It will help them grow their businesses, connect to markets, and become more competitive in a shifting and often precarious landscape. Increased access to supplier diversity programs and gender-responsive public procurement opportunities are also essential parts of the systemic change we need to make trade more gender-inclusive.:
But she noted that the Hub is not made up of only one institution, but instead involves a devoted community of partners, including governments, private sector companies, and financial institutions.
She said that’s because our research has shown that it requires a team effort to develop an enabling policy ecosystem, as well as a supportive business environment, to ensure women entrepreneurs are in the best position to thrive.
She said on Monday, together with public and private sector stakeholders, ITC discussed the results and policy recommendations from the SheTrades Outlook assessment in seven Caribbean countries, namely Barbados, the Dominican Republic, Guyana, Jamaica, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago.
“We’ve developed the SheTrades Outlook so that policymakers and other stakeholders can identify areas for policy reform at the national and regional levels, as well as areas where the Hub can make a positive contribution.
“I encourage other Caribbean countries to take part in the SheTrades Outlook assessments and use the evidence to craft more inclusive, gender-responsive policies. ITC is ready to support these efforts: please call on us!
“The SheTrades Regional Hub in the Caribbean will surely create new networks, provide new lessons, and open new doors for women in trade in the region and beyond,” she told the audience, adding “ I can’t wait to see what this new Hub achieves”.
