The Role of Women Entrepreneurs in Creating Wealth

SPEECH BY AMBASSADOR JOHN ULANGA, DIRECTOR OF INTERNATIONAL TRADE AND ECONOMIC DIPLOMACY, AT THE MINISTRY OF FOREIGN AFFAIRS AND EAST AFRICAN COOPERATION, DURING THE WOMEN CREATING WEALTH - AFFIRMATIVE FINANCE FOR AFRICAN WOMEN INITIATIVE GRADUATION CEREMONY

FOUR POINTS BY SHERATON HOTEL, JUNE 6, 2024

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Ladies and Gentlemen,

Distinguished Guests, Graduates, and Esteemed Colleagues,

Good morning.

?It is an immense pleasure to stand before you today as we celebrate a significant milestone in the lives of these exceptional women.? Allow me first to commend and congratulate you for choosing to be entrepreneurs – whether it was your free choice or circumstances forced you to choose to be entrepreneurs, you should be proud of yourself for the fact that you chose to be an employer, to be a wealth creator, to be a significant contributor to our economy.?

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Today, we recognize and applaud the efforts, dedication, and resilience you have demonstrated over the past ten months in the Women Creating Wealth - Affirmative Finance for African Women Initiative, a flagship entrepreneurship program of the Graca Machel Trust.

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To the graduating cohort, congratulations! Your hard work, perseverance, and commitment have brought you to this moment of achievement.

You have shown remarkable determination in building your confidence, enhancing your skills, and preparing yourselves to access the markets and finance needed to grow your businesses.

Ladies,

The potential of women entrepreneurs in Tanzania and across Africa to contribute to economic growth and poverty reduction is immense. You are the changemakers, the innovators, and the leaders who will drive our economies forward. By harnessing your talents and entrepreneurial spirit, you can create jobs, stimulate economic activity, and uplift communities.

The contribution of African women entrepreneurs to African economic growth is significant and multifaceted. Here are some key areas where they make an impact:

1.??? Job Creation: African women entrepreneurs play a crucial role in job creation, particularly in small and medium-sized enterprises (SMEs). These businesses often provide employment opportunities in both urban and rural areas, helping to reduce unemployment and underemployment.

2.??? Economic Diversification: Women entrepreneurs are active in various sectors, including agriculture, manufacturing, retail, and services. Their involvement helps diversify the economy and reduces dependence on a single sector, making the economy more resilient to shocks.

3.??? Innovation and Productivity: Women entrepreneurs bring innovative ideas and practices to the market. Their unique perspectives can lead to new products, services, and business models that drive productivity and economic growth.

4.??? Poverty Reduction: By creating jobs and generating income, women entrepreneurs contribute to poverty reduction. Their businesses often support not just their immediate families but also extended communities, leading to broader socio-economic benefits.

5.??? Empowerment and Social Change: Women's entrepreneurship is linked to broader social changes, including increased education and health outcomes for families and communities. Empowered women are more likely to invest in their children's education and healthcare, contributing to the long-term human capital development of their countries.

6.??? Financial Inclusion: Women entrepreneurs often have better access to informal savings and credit groups, which can increase financial inclusion. Their participation in the economy encourages the development of more inclusive financial products and services.

7.??? Community Development: Women entrepreneurs often invest in community projects and social enterprises, fostering community development and cohesion. Their businesses can lead to the establishment of local supply chains and networks, which further stimulate economic activities.

8.??? Role Models and Leadership: Successful women entrepreneurs serve as role models and inspire other women and girls to pursue their own business ventures. This helps break down gender stereotypes and promotes gender equality in the business environment.

Supporting African women entrepreneurs through policies that improve access to finance, education, and market opportunities is essential to harness their full potential for economic growth.

We are particularly proud that our President, Dr. Samia Suluhu Hassan, serves as the Champion of Women in Trade under the African Continental Free Trade Area (AfCFTA). Her leadership and commitment to empowering women in trade is a testament to the importance of your contributions to our nation's economic agenda.

Ladies,

As you move forward, I encourage you to utilize the networks you have created during this program. The connections you have made with your peers, mentors, and industry leaders are invaluable assets that will support you in your entrepreneurial journey. Collaboration and support within this network will be key to overcoming challenges and seizing opportunities.

In my role as the Director of International Trade and Economic Diplomacy at the Ministry of Foreign Affairs and East African Cooperation, I have a responsibility to help entrepreneurs like you access international markets. We work closely with our embassies abroad to identify opportunities and facilitate trade. For instance, our High Commission in Malawi has informed us of a substantial demand for honey and textile products, such as Batik, made in Tanzania. This is just one example of the potential markets that await your products.

Ladies,

As you step into the next phase of your entrepreneurial journey, remember that you have the power to drive change. Your success is not only a personal victory but also a beacon of hope and inspiration for other women and young girls who aspire to follow in your footsteps.

Congratulations once again on your achievements. May you continue to thrive, innovate, and lead the way towards a prosperous future for yourselves, your families, and our nation.

Thank you.