Across the globe, women have been celebrated for their tenacity and forward-looking ambitions that have seen them break societal barriers to emerge as trailblazers and role models in society.
The impact of this has been the creation of jobs, wealth, human development, education and health, and contributing to the overall economic development of various countries.
While this is a commendable feat, the potential of women has not been exploited, partly attributed to their inability to take advantage of the opportunities within the global economy.
It has been noted that a major cause for this is the fact that their engagement strategies may be particularly risk-averse to certain international dimensions, due to a lack of previous inter-personal and management experience.
To give context to this, various research analyses indicate that women involved in the global marketplace have greater opportunities, are more optimistic about their prosperity prospects and are more focused on becoming better versions of their former selves than women who only confine themselves to local engagements.
With the advent of Information and Communications Technologies, globalisation – the interaction and integration between organisations, governments and people worldwide – continues to force entrepreneurs to think globally even as geographical barriers continue to diminish day by day.
One of the greatest beneficiaries of this trend is the women who through globalisation have been able to mobilise resources, encourage fair treatment of women on the global stage and lower gender inequality tendencies.
In a competitive setting, globalisation combines and mobilises people’s cultural values on a worldwide scale. The pattern of cross-border corporate activities, commerce and strategic alliances for product development, production, sourcing and marketing are all essential in the development of international investment to enable entrepreneurs to enter new markets, capitalise on technological and organisational advantages, and reduce costs and risks.
It is gratifying to note that Africa has not been left behind. The implementation of the African Continental Free Trade Area offers tremendous opportunities for unlocking business potential across the continent and the world.
The AfCFTA emerges as a catalyst for change, offering a unique opportunity to advance women's rights, entrepreneurship, labour rights and equal pay within a broader framework for equitable and inclusive growth.
Under the AfCFTA, women in informal cross-border trade will have greater opportunities due to the tariff reductions promised under the Protocol on Trade in Goods. Women in agriculture value chains will gain a comparative advantage by leveraging the AfCFTA’s Protocol on Rules of Origin, which permits access to cheap raw materials.
By increasing their participation in public procurement at the national level, women will realise increased revenue gains and be better positioned to play a larger role in AfCFTA intra-regional trade opportunities.
The reality slowly dawning upon us is that globalisation is breaking down barriers that once limited us from cross-cultural, cross-gender diversity and creativity in new ventures. Increases in world trade, particularly in the services sector, have increased the involvement of women in various occupations.
Women around the world have made impressive inroads into professional services such as law, banking, accounting and computing, thus positioning them for greater involvement in various socioeconomic endeavours.
It is imperative to put in place policies that can guarantee equitable distribution of wealth, dismantling barriers that impede the progress of marginalised communities, with a particular focus on inspiring inclusion.
Let us take this moment to also recognise and encourage progressive female role models of today – strengthen their capabilities to act, express themselves, and emancipate themselves and their communities freely, everywhere in the world.
Managing director, KCB Kenya