WOMEN-OWNED COMPANIES GET MARKET ACCESS
WE CONNECT International is a group composed of about 350 Fortune 500 companies with diversity programs, meaning they have allocated a portion of their annual procurement budget for women-owned companies, globally. This spells opportunity for many women-owned companies as WEConnect’s charter requires that the supplier be 51% woman-owned. No token chairpersons, but real ownership by women will gain a company entry into WeConnect’s database.
In a recent conference in Chongqing, China the International Trade Center (ITC) based in Geneva, Switzerland organized the Women Vendor and Exhibition Forum (WVEF) where women suppliers met buyers from the USA and Europe, and who also ordered their global counterparts or offices to follow the procurement procedures which is to allocate a certain portion of their spend for women-owned companies.
Walmart, the world’s biggest retailer, has doubled its budget to buy from women-owned companies (WOC) to $20 Billion a year, globally. Walmart has also allocated $100 Million to projects that empower women, that encourage more women suppliers to come into its system through new products and services as well.
Other firms like Accenture, IBM, Marriott also sent their key procurement officers to meet suppliers chosen from among 300 who applied. About 70 firms were initially chosen to meet the international buyers. The women suppliers ranged from a coffee supplier from Rwanda to a textile supplier from South America. Our own ECHOstore’s Jeannie Javelosa was chosen under Textiles as she brings local weaves into the international market (www.echostore.ph). Chit Juan, representing Le Bistro Sustainable Coffees (www.lebistro.ph), met with interested parties for coffee supply in the Asian regional offices of the We Connect member companies.
The Women’s Business Council of the Philippines (WBCP) is holding a summit on November 8 where women will meet other women so they can explore opportunities to serve this virtually untapped market of international procurement through WE Connect and other channels. Chit Juan will explain how the program works and hopefully encourage more women-owned businesses to step up to the international stage.
You may register at www.wbcp.ph or email wbcphils@gmail.com to get more details about the Women Connect summit.
