Women entrepreneurs must have access to finance: Ivanka

Anishaa Kumar

Ivanka Trump, First Daughter and Advisor to the President of the United States, stressed on the importance of empowering women and societies through mentorship, government support in terms of removing regulations that acted as barriers, access to finance and a change in social perspectives.

Congratulating Prime Minister Narendra Modi on bringing transformation in India, Ivanka reinstated US President Donald Trump’s focus on strengthening bonds with the Indian subcontinent.

“This is the first time India has hosted the Global Entrepreneurship Summit (GES). It is a symbol of the strengthened friendship between our two peoples, and the growing economic and security partnership between our two nations,” she said at opening session of the GES 2017 on Tuesday.

She added that US too has been actively working towards promoting female-led businesses through a variety of initiatives not only in the US, but also around the world.

“This summer, at the G20 conference, the United States was a founding member of a bold, new initiative with the World Bank – the Women Entrepreneurs Finance Initiative, or WeFi, which provides access to capital, networks, and mentorship for women in developing countries” she stated.

“WeFi is the first facility to support women entrepreneurs at this scale, and we anticipate it will be able to leverage in excess of $1 billion in public and private financing. This facility also seeks to address the legal and regulatory barriers that limit opportunities for women entrepreneurs,” she said.

While lauding changes being made by governments and public in developing and developing countries, Ivanka said that a lot still needs to be done.

“Just consider, if India closes the labour-force gender gap by half, its economy could grow by over $150 billion dollars in the next three years,” she added.

Prime Minister Modi, while inaugurating the Event, highlighted India’s commitment towards promoting start-ups. “Our government has taken several steps to improve the business environment. The jump in India’s ranking in the World Bank’s Ease of Doing Business Report, from 142 to 100, in three years, is a result of this. We have improved on indicators like dealing with construction permits, getting credit, protecting minority investors, paying taxes, enforcing contracts and resolving insolvency,” he said.

While India was happy with the 100th position, Modi added that the process was not yet complete and the government strives to reach the 50th rank.

He also highlighted various initiatives taken by his Government that were aimed at transforming the business environment and the overall Indian economy such as Aadhar, Atal Innovation Mission, GST and the Mudra Scheme.

“For an investment-friendly environment there needs to be stability from the macro-economic perspective and India has been successful in containing the current account deficits,” he said.

Indian foreign reserves have crossed $400 billion and continues to attract large foreign capital flows.

While inviting the investors from across the globe, Modi said, “Come make in India, invest in India… for India and the world.”

The GES is a three-day event, which is being held in Hyderabad from November 28-30. The theme for this year’s edition is “Women First, Prosperity for all”.