Small and medium businesses are increasingly owned and led by women worldwide. Reem Leila attended the Global Summit of Women Some 900 women leaders in business, government and the professions from 88 countries gathered in Cairo for the 2006 Global Summit of Women (GSW), also known informally as the "Davos for Women". The meeting was held in the wake of the World Economic Forum Meeting on the Middle East which recently convened at the Egyptian Red Sea resort of Sharm El-Sheikh. This women-led venue, by contrast, discussed winning strategies and best practices promoting women's economic advancement in every corner of the world. The gathering brought Arab business women in contact with counterparts from Asia, Africa, North and South America. Mrs Suzanne Mubarak inaugurated the GSW last Saturday. Addressing the gathering, she stated that women business leaders are succeeding at an unprecedented pace, whether in managerial positions in large corporations, or as entrepreneurs leading their own companies. The percentage of women-owned businesses has dramatically increased as more of them find access to the market place. This is despite the fact that more demanding standards are often imposed on women, as a condition for them to attain positions of leadership. "Today's gathering allows us, as women, to demonstrate that our contributions to development issues are inspired not only by the spirit of harmony and inclusiveness, but also by the will and energy to succeed as equals in the world of the marketplace," Mrs Mubarak said. A trade fair entitled WEXPO was held on the sidelines of the conference. The fair exhibited products and services made, and managed, by women. A pre-summit ministerial roundtable was also held which brought together women ministers holding various portfolios in their countries. The ministers discussed their implemented policies, which are seen to have positively impacted women's economic status in their countries. The summit also called for the formation of national and regional networks which would launch business initiatives. Such initiatives would be broad enough to encompass the less tangible aspects related to the exchange of creative ideas and best practices, which have inspired women who are now increasingly driving the global economy. "At a time when the world seems mired in conflict, it is encouraging to see women extending themselves across borders to learn from each other and to share expertise drawn from their won business experiences," said Summit President Irene Natividad. She added that, "it is a testimony to women's desire to be active players in the global market. For the first time in this event's 16-year history; the GSW has the widest representation ever of countries around the world." The major theme of the 2006 summit was "redefining leadership". This was shown by businesswomen who have transformed their organisations, whether these are government agencies, small businesses or major corporations. "Women are a potent economic force and keys to the development, not only of the Middle East region, but also to the growth of developed economies such as those of the United States and Europe," said Natividad. The summit's president explained that the decision to place special emphasis on business and economics "stems from several facts, the most important of which is that women account for 40-50 per cent of the paid labour force in the world. This percentage is most likely to increase in the future as the world now moves from a manufacturing- to a service-based economy." In Egypt women currently account for 30 per cent of the labour force. Natividad said that this figure is rising in tandem with women's purchasing power. "In Egypt," she said, "a lot of women are now the major breadwinners for their families. They are also the ones who mostly take the decisions about health and education." Natividad estimated that in the current century women will increasingly own small and medium-scale enterprises. In the US, some 44.4 per cent of private companies are owned by women, compared to 30 per cent in the European Union (EU), 25 per cent in Japan, 20 per cent in China and 12.1 per cent in the Arab world. Women also own 80 per cent of the world's micro- enterprises. "As the foundation of modern economies is originally based on small-scale businesses, and as women are now the major owners of these businesses, they will be major players in many economies in the 21st century," Natividad added. Heba Handoussa, advisor to the Economic Research Forum said that one of the positive features of globalisation has been the improvement in the flow of information and communications technology (ICT). But she added that ICT is still not equally accessible to everyone. Women entrepreneurs who are usually smaller, poorer, less educated and more isolated than other market players, face an "enormous" knowledge barrier. Accordingly, steps must be taken to level the playing-field and help women overcome the barriers impeding their potentials. The summit also underscored that one notable obstacle to business's international competitiveness is the institutional and legislative structures that govern their operations. In the worst case, complicated bureaucratic procedures related to licensing, registration and other transactions could discourage the creation of new businesses. At best, they waste valuable time and resources. "The solution here can be national 'one-stop shops' where several transactions can take place, with minimal bureaucracy. In Egypt, these shops are being set up on regional and governorate levels," said Handoussa. She added that women should be encouraged to network across countries, so as to share the needed information related to different business activities. Handoussa stressed that the path to development begins with the building of strong, vigorous economies which, along with human development policy, place equal emphasis on promoting the formation of human capital and equal opportunities. She said that to "reach the end of this road, we must first eliminate the segregations afflicting women and excluding them from the job markets." The 2006 GSW also presented to Mrs Mubarak the Global Women's Leadership Award in recognition of her consistent and persistent efforts to support the advancement of women in Egypt. Her various peace initiatives were also honoured, as were her continuous efforts to promote women's education and economic self-sufficiency.
