Women in Economic Development
In September of 2011, the city of San Francisco hosted the Asia-Pacific Economic Corporation (APEC)
conference on women and the economy. The event has been described as “the largest diplomatic
gathering in San Francisco since the signing of the United Nations Charter in 1945. The APEC seeks to
promote economic development and collaboration, and the focus of this particular meeting was to
develop policies that would encourage women to take leading roles.
Hillary Clinton was the keynote speaker for the event and spoke about women and leadership as not a
gender specific problem, but a problem for humankind. Clinton argued that a paradigm shift was needed
in “how governments make and enforce laws and policies, how businesses invest and operate, and how
people make choices in the marketplace”. Clinton estimates that the economic benefit of women in the
workforce has generated an estimated 3.5 trillion dollars.
Clinton argues that millions of women are still sidelined and are unable to advance to their fullest
potential. Currently, women account for only 3% of CEOs of the Fortune Global 500 companies. Also,
some women in the APEC region do not have the same inheritance rights as their male counterparts
which places them at a disadvantage when conferring citizenship on their children, obtaining permits,
and receiving access to housing and education. Women in the region are also taxed differently than men
and denied credit, access to bank accounts, and the right to purchase property.
To resolve these problems, Clinton suggested that governments and the private sector commit to giving
women the capital to become entrepreneurs of SMEs while reforming legal and regulatory agencies to
give women equal rights and access. Finally, Clinton argued that women should be supported to rise in
both the public and private sectors since their perspectives add value to policies and programs. Clinton’s
speech shows that women must be an integral component of any economic development initiative to
eliminate barriers and successfully bring women into economic sectors.