Hon. Amina Gerba: Honourable senators, on this International Women’s Entrepreneurship Day, as rapporteur for the Commission on Economic, Social and Environmental Affairs of the Assemblée parlementaire de la Francophonie, I had the honour of organizing a webinar this morning on women’s entrepreneurship as a pathway to empowerment in the francophone world. We listened as experts reminded us of a basic truth: Entrepreneurship is a driver of growth and women play a decisive role in that regard.

According to Statistics Canada, women are majority owners of almost 20% of private companies. They employ about one million people and generate over $90 billion in annual revenues. They also account for nearly 40% of self-employed workers.

In the Francophonie as a whole, women are becoming increasingly active in entrepreneurship. Africa’s participation rate, however, outpaces the levels seen in other francophone regions. In sub-Saharan Africa, 27% of adult women engage in entrepreneurial activities, the highest rate in the world.

Whether in Canada or elsewhere in the Francophonie, obstacles persist, including access to financing and markets, the need to develop skills and the lack of structured networks.

Dear colleagues, according to the Women Entrepreneurship Knowledge Hub, or WEKH, report by the Diversity Institute, if economic parity and full participation of women were achieved, it could add up to $150 billion to Canada’s GDP.

These findings compel us to act — to invest in women’s entrepreneurship. Investing in women’s entrepreneurship is not just a matter of equality; it is essential for economic growth.

To invest in entrepreneurship is to build sustainable and shared growth.

Thank you.