Support for women entrepreneurs

The recent 2014 Oslo Business for Peace Award to a leading Bangladeshi woman entrepreneur has amply recognised the unique contribution of our women to business and society. The award also speaks eloquently of tireless efforts the country's women entrepreneurs today are making in the field of industrialisation. Their roles have so far been confined to the small and medium enterprises but then these two areas contribute over 25 per cent to the country's gross domestic product (GDP) as well as generate more job opportunities than other industrial sectors.    
In a recent discussion meeting arranged by the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI), the women entrepreneurs pleaded for setting up a separate industrial zone for them and sought collateral-free loans at single-digit interest rates. They also demanded assistance in organising training courses for prospective entrepreneurs. They urged the relevant authorities to prepare a database and sought help for easy marketing facilities. The coming budget, the women entrepreneurs demanded, should provide for a special allocation for them.
Happily, the FBCCI president came up with a welcome decision that the bank, of which he is the chairman, would give collateral-free loan up to Tk 1.0 million to each genuine woman entrepreneur. Another chamber leader urged the NBR to provide tax and VAT exemption facility to new women entrepreneurs so that their businesses can flourish. Meanwhile, a cellular phone operator, in association with Asia Foundation and the District Women's Business Forums, has already launched the initiative "Connecting Women Entrepreneurs through Innovative Use of Information and Communication Technology" to empower women across the country. As a result, women entrepreneurs in all the districts of the country are going to be connected with cellular phones and ICT-based network, delivery and service. This will help them expand their business, besides facilitating their empowerment. The platform aims to provide networking opportunities to women entrepreneurship at the district and national levels.
 Women have already made their marks in different fields of trade and business in Bangladesh. They have already proved their acumen and entrepreneurial skills by assuming vital responsibilities for many areas of business, banking and finance-related offices and enterprises. Against this backdrop, the demands made by the businesswomen are otherwise quite rational and genuine. When they start any business, they do not know the rules of the game, they do not have enough money, and they have no market access and no proper understanding of product quality. Informal barriers are in the form of society's reluctance to accept women as businesspersons. The government has introduced several schemes for women entrepreneurs but such women in the rural areas are not being able to reap their benefits fully. Access to finance is the main barrier facing them.
Women's greater participation in economy is necessary on a larger scale than before, if Bangladesh wants to achieve the 8.0 per cent economic growth rate in order to become a middle-income country. Empowerment needs economic opportunity. Therefore, women entrepreneurship and strengthening the rights of women should be a priority for the government. But then the women entrepreneurs themselves would have to get together and form a network to address common challenges such as access to finance, developing products and looking for markets. The unity will help them to reach local and central policymakers so that their voice is heard.
The grassroots-level women entrepreneurs badly need market access as they cannot display their products due to lack of any platform. They do not need large markets. They just need space in the markets, as many entrepreneurs are sitting idle with their products. Therefore the government and other organisations concerned need to support their entrepreneurship, ensuring their access to market.