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Rt. Hon. Lord Mandelson, First Secretary of State, Secretary of State for Business, Innovation & Skills, Lord President of the Council
Women in Business International Conference, London, 20 May 2009
The immediate context of our conference today is, of course, a savage, international economic downturn and the pressure on business to survive without losing capacity and capability as demand takes a major hit and takes time to recover.
But the longer term context is not just surviving but thriving – and how business adds to its capabilities, and builds up its capacity to compete and win market share in the growing economies of the world.
And this is where I want to address this audience in particular: we have to draw on our talent, all our potential and all our human resources. And so to fail to use and deploy all our women in business is not only a waste or an unfairness, it is a critical loss of value, and of wealth generation, because we will be performing less satisfactorily, competing less satisfactorily and utilising our human resources less satisfactorily.
That is what is at stake, whether we are economies in the emerging category or, as some less generously say, the submerging category.
In either category, we all have to do better and we will only do better – all of us – by getting more women in business. And this is what our conference is about today.
Depending on your outlook, there’s probably never been a more nervous or exciting time to start your own business. The genius of entrepreneurs, of course, is that they always tend to take the latter view - the exciting view. And in doing so, can help drive our economies not only to recover, but to achieve success in the future.
That’s not in any way to downplay the seriousness of this global recession.
But we need to fight back against those forces attacking all our economies at this time. And we need to reinforce the fundamental value of ensuring a strong enterprise culture in our economies, building competitive open markets and pursuing global trade and investment, in our fight to restore growth.
It’s a simple, but important point. And one, we need to keep on making. At a time like this, it’s easy for some to dismiss our commitment to these very important principles as being more part of the problem, than the solution.
But if we sacrifice the openness of our economies, we will sacrifice our future success. Let’s remember, the world’s been here before. And back in the 1930s, the retreat from open markets and trade into protectionism led only to stagnation, rising unemployment and depression. That’s the lesson we need to take from the past, if we’re to secure a more prosperous and progressive future for our people.
Over the last three decades, open trade has helped transform people’s lives and their societies for the better, not uniformly and not equally but overwhelmingly for the better. And trade continues to offer us, the best chance to seize opportunity in a world that’s changing fast all around us.
Represented here are women entrepreneurs from the Middle East, Central Asia and North Africa. Your backgrounds and business interests of course vary. But common to you all are many of the major challenges your societies face in the years ahead, and the difference that your ambition and talent for business, could make towards tackling them effectively.
So what are the challenges ahead? I want to focus on two.
First, to generate more and better jobs for a young and growing population. A recent World Bank Report estimates that in just over a decade, the workforce in the Middle East and North Africa will reach around 174 million people. While now in the Gulf alone, between a third and a half of their various populations are under twenty years old. Millions of new high-quality jobs will be needed therefore in the next few years just to keep up.
And second, to diversify your economies away from the sectors that have dominated in the past. Hydrocarbons, agriculture, construction and public service - all these are important. But also action is needed to develop the new, more high-tech and low-carbon global industries of the future.
Taken together, these issues present a huge economic and human development challenge. One that demands a new generation of entrepreneurs and risk-takers - not just men but women too - to attract vital investment, create skilled jobs and to drive innovation.
And this is the point I want to make this morning. In a world, where global competition is increasing and intensifying, no country can afford to waste any of its talent. And across your regions, the number of successful women entrepreneurs is on the rise, more women are also entering the workforce. But despite this, there’s still a huge amount of untapped potential out there.
That means action to build a business environment, where enterprises - of all types - can thrive and grow; a recognition that our societies will continue to change, and attitudes must continue to adapt to succeed in a world where goods, services, people and ideas can move freely; and finally the increased promotion of opportunities for women in business at home and abroad.
Not promotion by patronage, but promotion by talent, removing the barriers that hold women back.
Here in the UK, we estimate that if women started businesses at the same rates as men, 150,000 extra businesses would be created. If we matched the rates of female entrepreneurship of the US, that figure would be 900,000.
Now for us boosting female entrepreneurship is essential to improving our productivity and competitiveness as an economy. And we’re focused on delivering better guidance and help to women in self-employment and business and increasing the profile of women’s enterprise across the UK through mentors and strong support networks.
That’s why events like today are so important. Because there’s no better source of advice or inspiration than hearing from people who have been there themselves, done that, succeeded and have a great story to tell.
There’s no limit to what you can achieve. And we need to celebrate that success, wherever it exists. Over the last 12 years, the Women in Business Achievement Awards - supported by the British Exporters Association - have recognised the world-class innovation of women exporters in the UK.
It aims to encourage more women to work in global markets, with winners acting as roving ambassadors for enterprise, international trade and UK industry. It continues to grow in reputation thanks to the hard work of our Women in Business Team and global network of Embassies and High Commission staff.
And today I’m pleased to announce, these awards will now be open to International Businesswomen Exporters. With the support of the Europe Arab Bank, we’re looking for nominations from international businesswomen, who are using their experience and skills to strengthen trade links globally. And I hope, as many as possible of you here today, will enter.
Let me just say in conclusion, the key to recovery now and prosperity in the future is our ability as countries to empower and equip all our people to compete in global markets. And in the years ahead, we will only succeed if together we continue to ensure that no talent is overlooked, or potential left unfulfilled.
That’s our task in the years to come. That’s our message today. And I’m very pleased to be able to share it with you, here.
