New Delhi: “Women are the world’s greatest market opportunity, controlling over $ 20 trillion. The number of women entrepreneurs worldwide is 13% due to an increase in the representation of women in the public and private sectors, ”said SE Sandeep Kumar, Ambassador of India to Ireland. During the interactive session with members of FICCI FLO, he also discussed various challenges facing women entrepreneurs such as cultural and political barriers, lack of training and mentoring.
The India & Ireland Women Entrepreneur Conclave was organized by FICCI FLO in collaboration with Network Ireland as part of FLO’s Women of 7 Continents (W7) initiative.
“Investing in companies run by women makes good business sense. Today women are present throughout the global value chain as producers, business owners, employees, executives, traders and consumers. India and Ireland have close bilateral ties and we will continue to develop this association in areas such as trade, healthcare, IT and engineering, ”he added.
“Our business relationships with India remain strong despite the pandemic, and we are well on our way to increasing trade and business exchanges in 2021,” said HE Brendan Ward, Ambassador of Ireland to India.
“Both countries have worked to accelerate the participation of women in the process of economic development by promoting entrepreneurship and professional excellence,” said Jahnabi Phookan, National President of FICCI FLO.
“India and Ireland both have different groups of women from aspiring entrepreneurs, SME owners, professionals and executives in indigenous and multinational organizations,” she added.
The conclave aimed to create a platform for working women to explain the contribution of women entrepreneurs to the economy, to create platforms for increasing international trade, to integrate providers into global value chains, to raise awareness among political decision-makers of the potential of Empowering women entrepreneurs and raising awareness of related barriers that hinder their participation in international trade. The session was moderated by Rinku Mecheri, Chapter Chair, FLO Chennai.
Bilateral trade between India and Ireland in 2019 amounted to 1.2 billion euros (+ 25.82%). India’s exports to Ireland amounted to 636 million euros (+ 13.58%) and imports from Ireland to 480 million euros (+ 46.80%). Items in demand in Ireland include textiles, apparel and apparel accessories, pharmaceuticals, medical devices, machinery, lighting products and plastics. Trade in services between India and Ireland has become an important aspect of economic relations.