Why women’s economic empowerment in ASEAN benefits us all

Across ASEAN countries, fewer women than men are in paid employment. Fewer still are in management and leadership positions. This is the case in Australia too, in the public and private sectors. In my own workplace, the Australian Department of Foreign Affairs and Trade, there is a determined effort in progress to increase the number of women in leadership roles.

Why does this lack of women’s participation in the workplace and in leadership positions matter? And what does performance at work have to do with the gender of employees and workplace leaders? It matters, to ensure that all people, regardless of their gender, have the opportunity to reach their potential. And it matters because there is a growing body of research that shows that gender equality in the workplace contributes to better corporate performance and investment returns.  

 A recent report by sustainable investment company RobecoSAM showed that organisations that scored well on gender equality measures such as equality of remuneration outperformed the market. Companies that ignore gender equality are not acting in the best interests of their bottom lines. Governments that don’t act to improve gender equality are not acting in the best interests of their citizens.

On 29 August the Governments of the Philippines and Australia will co-host the ASEAN Forum on ‘Women’s Economic Empowerment: The Next Driver of ASEAN’s Success’ as part of the week-long ASEAN Women in Business Conference. This Forum will bring together over 200 senior leaders from the business sector, government, academe and non-government organisations to recommend ways to support women’s economic empowerment as a driver for growth in the region.

The Forum was announced by Australian Prime Minister Malcolm Turnbull at the 2016 ASEAN-Australia Summit as an Australian contribution to ASEAN’s 50th Anniversary.

ASEAN has achieved remarkable growth in its first 50 years. It has a combined GDP of more than $2.5 trillion and taken as a whole is the 5th largest economy in the world. This economic success has been accompanied by significant gains in female workforce participation rates. In 2015, its female labour force participation rate was 67 percent, better than the OECD average. 

But more needs to be done to close gender gaps across ASEAN. Australia was ASEAN’s first dialogue partner and has been one of ASEAN’s strongest supporters since the beginning. It is fitting that we are now working together to ensure all countries reap the benefits of women’s economic empowerment.  

I am particularly pleased to be working with the Philippines, as ASEAN Chair, on these issues. The Philippines ranks highly in our region and in the world on global gender parity. There is no better partner than the Philippines to push for women’s economic empowerment in ASEAN.

During her visits to the Philippines in March and August this year, Australia’s Foreign Minister, the Hon Julie Bishop, highlighted Australia’s Investing in Women Initiative, which works in the Philippines, Indonesia, Vietnam and Myanmar to drive economic growth in our region through addressing the barriers to women’s economic participation. Investing in Women has set up business coalitions boosting opportunities for women entrepreneurs. We hope that other ASEAN countries can draw on this work.

It is time to act. We must promote gender equality as a key factor for stronger business performance. The involvement of the private sector is critical to the achievement of women’s economic empowerment. Businesses have significant power to change outcomes for women. 

In the words of Minister Bishop: the empowerment of women is not just the right thing to do, it is the smart thing to do. Governments and corporations soon learn that if you give women an equal voice, nations will prosper and economies will be more resilient.

The Philippines-Australia ASEAN Forum on ‘Women’s Economic Empowerment: the next driver of ASEAN’s success’ will be held on 29 August at the Philippine International Convention Centre. For more information, see: https://aseancbip2017.com/

Follow Ambassador Amanda Gorely on Twitter @AusAmbPH.