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Entrepreneurship is Key to Empowering Women in Asia-Pacific

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photo: Financial Express

Despite the progress made over the last two decades in empowering women in Asia and the Pacific, there remain huge gender gaps, particularly in the economic and political spheres. The ADB-hosted seminar “Breaking Barriers: Women Entrepreneurship in Asia and the Pacific” was held at ADB’s 51st Annual Meeting, with the participation of policymakers, entrepreneurs, researchers, and development practitioners.

The message from the seminar is that supporting women’s entrepreneurship is key to their economic empowerment.

“Women’s entrepreneurship is important because it helps us move closer to the goal of achieving a more gender equal Asia and the Pacific,” said ADB President Mr. Takehiko Nakao at the seminar. “Under our new Strategy 2030, ADB will pay increased attention to generating employment and entrepreneurship opportunities for women.”

Panelists at the seminar included International Labour Organization Director Mr. Graeme Buckley; Chief Executive Officer of Prelo (an Indonesian enterprise offering a retail-sharing e-platform) Ms. Fransiska Hadiwidjana; Undersecretary of the Philippines’ Department of Trade and Industry Ms. Zenaida Maglaya; President and Representative Director of Veolia Japan K. K. Ms. Yumiko Noda; and President of the Bangladesh Federation of Women Entrepreneurs Ms. Rokia Afzal Rahman.

In the theme chapter of the Asian Development Outlook Update 2015, ADB estimated that closing the existing gender gaps could generate a 30% increase in the per capita income of an average Asian economy in one generation or 30 years, and 70% in two generations.

The panelists agreed that while there is a long road ahead to full gender equality, policies supporting women’s entrepreneurship can help ignite momentum for this effort, together with access to information, government services, and credit. The seminar discussed various ways in which women entrepreneurs can overcome the multiple barriers they face and how the public and private sectors can help accelerate support for women startups and entrepreneurs.

Nearly half of ADB lending already has strong gender design elements. ADB under  Strategy 2030 will place an even stronger emphasis on women’s economic empowerment. Infrastructure projects will maximize women’s access to markets and opportunities for skilled jobs. Through enhanced technical and vocational education and training programs, ADB will enable women’s access to quality jobs in nontraditional, higher-paying sectors. ADB will also expand integrated support for women entrepreneurs through better access to finance, the adoption of new technologies, and policy and institutional reforms.

ADB has been adopting innovative approaches involving other partners in promoting women’s entrepreneurship. In April 2018, ADB received a $12.6 million grant from the Women Entrepreneurs Finance Initiative (We-Fi) (a global fund hosted by the World Bank Group) to help Sri Lankan women-led businesses obtain bank loans and improve business skills. This new source of funding complements ADB’s own financing of $175 million, which was approved earlier to encourage local partner banks to grow their small and medium-sized enterprise portfolios—especially for businesses that are outside Colombo or are women-led.

Mr. Nakao also mentioned ADB’s ongoing efforts to improving gender balance within ADB, with representation of women among international staff increasing to a record high of 35% in 2017—a step closer to the bank’s target of 40% by the end of 2022.

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Development

World Bank and EU to Help Iraq Strengthen Public Financial Management Oversight

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The Government of Iraq, the World Bank Group, and the European Union signed today a grant agreement aimed at strengthening the Government of Iraq’s institutions and mechanisms of fiscal accountability and oversight at federal and sub-national levels. 

The project titled “Strengthening Public Financial Management (PFM) Oversight and Accountability Institutions” will benefit from jointly implemented US$12.5 million and is part of a technical assistance grant program signed back in September 2018 with the European Union to strengthen public financial management (PFM) oversight and increase the efficiency of public service delivery.

The program aims at improving PFM systems by strengthening payroll management through an IT platform. It will support transparency and accountability in the oil sector through the Extractive Industry Transparency Initiative. It will foster the anti-corruption agency which can help retrieve stolen assets and the auditor general as well as support the reform of State-Owned Enterprises. Other features will be strengthening procurement systems through e-procurement and supporting integrity in reconstruction programs. The project will also assist in further tackling revenue mobilization and fiscal federalism and can be revisited in one year to align further with government priorities.

This project compliments the ongoing World Bank-financed project titled “Modernization of Public Financial Management Systems” of US$41.5 million, which aims to improve financial information management and transparency, cash management, public investment management and public procurement modernization at selected federal and governorate agencies.

Now, more than ever, the importance of a strong public financial management system is critical”, said Ramzi Afif Neman, Head of World Bank Iraq Office. “The World Bank is committed to helping equip the Government of Iraq with mechanisms of fiscal accountability that are essential for sustainable reform, creation of a positive economic impact, and the restoration of public trust in the country’s financial institutions.

The efficient management of public finances and the delivery of services is critical in the achievement of public policy objectives, as well as for restoring the trust and social contract between Iraqi citizens and the country’s institutions”, said Martin Huth, European Union Ambassador to Iraq.

The project will support economic governance reforms at the federal level and in the Kurdistan region through technical assistance to many fiscal agencies, under the guidance of the Federal Ministry of Finance and the Prime Minister’s office. The project is in line with the economic reform “White Paper” recently published by the Government of Iraq which supports the overall World Bank Group’s development objectives and portfolio in Iraq. The project is also in line with the SDGs and European Union’s development objectives. 

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APEC BEST Award Announced Top Female Entrepreneurs

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The annual APEC Business Efficiency and Success Target Award, known as the APEC BEST Award, announced its 2020 winners, from a diverse group of effective entrepreneurs, innovators and managers around the APEC region.

Producer of gluten-free, healthy food products, Svetlana Shmakova, from Russia, won the top prize of APEC BEST Award with her company, Foodcode.

“The idea of Foodcode is not only about business, but also about protecting family and ensuring that we put health and well-being of people first, through quality, healthy and sustainably produce products,” Shmakova explained.

“The contest provided us with a unique opportunity to learn more about other business models, connect with fellow entrepreneurs and managers, explore new partnerships and expand our markets,” she added.

Meanwhile, Cherrie De Erit Atilano from the Philippines, founder and chief executive officer of sustainable food system and inclusive agribusiness of her company, AGREA, won the category of Best Top Manager in the post-pandemic economy.

“Inclusive and sustainable agriculture plays an even more critical role in the post-pandemic world,” Atilano said. “This award is a testament to the resiliency and compassion of women in the agricultural supply chain alongside men who persevered in bringing food to the table of both producers and consumers.”

“Women should play a significant role in our concerted efforts to recover and rebuild better as a region,” said Carolina Cuevas, Chair of the APEC Policy Partnership on Women and the Economy. “The innovation, creativity and resiliency shown by our women entrepreneurs and managers involved in the APEC BEST Award are the embodiment of this spirit.”

The contest is an initiative of Russia with China, Japan, Malaysia and Mexico as co-sponsors of this year’s contest. This year’s contest featured 20 nominees from 11 APEC economies, competing under the theme of “Women Business Leadership in Post-Pandemic Recovery.”

“All of us live in extremely challenging times now with the lingering negative impact of the economic and health crisis brought about by the COVID-19 pandemic,” said Natalia Strigunova of Russia’s Ministry of Economic Development. “We believe that women’s entrepreneurship should be a strong driver for post-pandemic recovery.”

Besides the 2020 APEC BEST Award grand prize and the award in the Best Top Managers category, the contest also awarded six winners in the following categories:

  • Best Growth Potential: Lu Yunjuan, Beijing Snowlotus Biotechnology from China
  • International Attractiveness: Winnie Chan Wei Wei, Bynd Artisan from Singapore
  • Best Business Sustainability in Tackling the Pandemic: Norzilawaty Binti Mohd Isa, Lykke Familie Enterprise from Malaysia
  • Fourth Industrial Revolution Project: Hanna Kim, Grip Corporation from Korea
  • Best Family Business Support: Daniela Carolina Schneider Alvear, Celifamily Gluten Free from Chile
  • Best Social Impact: Carys Mihardja, Carys Cares from Indonesia

“The goal of the APEC BEST Award is not only to promote women’s leadership and best practices amidst the COVID-19 pandemic, but also to provide support to female entrepreneurs, replicate the best business models and expand their networks beyond their home economies to encourage more women to establish their own businesses,” added Irina Saltykova, who leads the APEC BEST Award project.

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M&A valuations boom in the second half of 2020, despite COVID-19 impacts on the economy

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M&A valuations are soaring, with rich valuations and intense competition for many digital or technology-based assets driving global deals activity, according to PwC’s latest Global M&A Industry Trends analysis.

Covering the last six months of 2020, the analysis examines global deals activity and incorporates insights from PwC’s deals industry specialists to identify the key trends driving M&A activity, and anticipated investment hotspots in 2021. 

In spite of the uncertainty created by COVID-19, the second half of 2020 saw a surge in M&A activity.

“COVID-19 gave companies a rare glimpse into their future, and many did not like what they saw. An acceleration of digitalisation and transformation of their businesses instantly became a top priority, with M&A the fastest way to make that happen — creating a highly competitive landscape for the right deals,” says Brian Levy, PwC’s Global Deals Industries Leader, Partner, PwC US.

Key insights from the second half of 2020 deals activity include:

  • Dealmaking jumped in the second half of the year with total global deal volumes and values increasing by 18% and 94%, respectively compared to the first half of the year. In addition, both deal volumes and deal values were up compared to the last six months of 2019.
  • The higher deal values in the second half of 2020 were partly due to an increase in megadeals ($5 billion+). Overall, 56 megadeals were announced in the second half of 2020, compared to 27 in the first half of the year.
  • The technology and telecom sub-sectors saw the highest growth in deal volumes and values in the second half of 2020, with technology deal volumes up 34% and values up 118%. Telecom deal volumes were up 15% and values significantly up by almost 300% due to three telecom megadeals.
  • On a regional basis, deal volumes increased by 20% in the Americas, 17% in EMEA and 17% in Asia Pacific between the first and second half of 2020. The Americas saw the biggest growth in deal values of over 200%, primarily due to some significant megadeals in the second half of the year.

COVID-19 accelerates deals activity for digital and technology assets in a highly competitive market

In demand assets have commanded high valuations and fierce competition, driven by macroeconomic factors. These include low interest rates, a desire to acquire innovative, digital or technology-enabled businesses and an abundance of available capital from both corporate (over $7.6 trillion in cash and marketable securities) and private equity buyers ($1.7 trillion).

By comparison, assets in sectors that have been hardest hit by the pandemic like industrial manufacturing or those being shaped by factors such as the transformation to net zero carbon emissions are creating structural changes that companies will need to address. Where the future viability of their business models are challenged, companies may look to distressed M&A opportunities or restructuring to preserve value.

Deal makers widen assessment of value creation to non-traditional sources

Non-traditional sources of value creation such as the impact of environmental, social and governance factors (ESG) are increasingly being considered by deal makers and factored into strategic decision-making and due diligence, as they focus on protecting and maximising returns from high valuations and fierce demand. 

“With so much capital out there, good businesses are commanding high multiples and achieving them. If this continues – and I believe it will – then the need to double down on value creation is now more relevant than ever for successful M&A,” says Malcolm Lloyd, Global Deals Leader, Partner, PwC Spain.

The impact of a hot IPO market on M&A

The last six months saw the prevalence of the use of special-purpose acquisition companies (SPACs) to pool investor capital for acquisition opportunities in a highly active IPO market. In 2020, SPACs raised about $70 billion in capital and accounted for more than half of all US IPOs. Private equity firms have been key players in the recent SPAC boom, finding them a useful alternative source of capital. More SPAC activity is expected in 2021, especially involving assets such as electric vehicle charging infrastructure, power storage, and healthcare technology.

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