Indonesia: ‘Ring the Bell for Gender Equality’ calls for investment in women’s economic empowerment
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Author: Bintang Aulia
2024 marks the tenth anniversary of the ‘Ring the Bell for Gender Equality’ ceremony held worldwide around International Women's Day (8 March) to raise awareness of the pivotal role the private sector can play in advancing gender equality.
In honour of this occasion, a bell-ringing ceremony calling for investment in women’s economic empowerment was held in the Main Hall of the Indonesia Stock Exchange on 14 March 2024 attended by members of the Indonesia Stock Exchange, UN Women, the International Finance Corporation (IFC), the Indonesia Global Compact Network and Indonesia Business Coalition for Women’s Empowerment and industry experts.
The event also resonated with the 2024 United Nations theme for International Women’s Day, “Invest in Women: Accelerate Progress” which emphasizes gender equality as pivotal for accelerating economic growth and fostering more prosperous and equitable societies.
The urgency of this cause is underscored by global challenges such as crises, conflicts and climate change, which disproportionately affect women and girls. One in every ten women worldwide lives in extreme poverty, and only 61 percent are in the labour force. In Indonesia, female labour force participation stands at 54.5 percent, significantly lower than the male figure of 84.3 percent.
Distinguished artist and activist Cinta Laura Kiehl participated in the panel discussion on private sector efforts to advance women’s empowerment. She was joined by Alexandra Askandar, Vice Director of PT Bank Mandiri (Persero) Tbk, and Miftahudin Amin, Executive Vice President & Chief Administration Officer of PT Paragon Technology and Innovation.
“As a woman, why are we limited to just one thing?” Cinta challenged during the panel discussion. The young artist has expanded her ventures from singing and acting to launching a digital media and talent management start-up. She noted further, “We aim to create role models for the youth, especially young women so that one day they realize they can be more than what society expects of them.”
Following the panel discussion, the CEO of Sintesa Group, Chairwoman of the Indonesian Employer Association (APINDO) and Founder of IBCWE, Shinta Kamdani shared her insights on being a woman leader and the first chairwoman of APINDO in its 72-year history.
“We often hear about infrastructure support, such as daycare and lactation rooms, but we also need training and mentorship to elevate women to leadership positions. Our support should not only be limited to female workers within the company but also extend to fostering the growth of women’s micro, small, and medium-sized enterprises. We need to build the whole ecosystem,” remarked Shinta.
Concluding the session, Dwi Faiz, Head of Programmes at UN Women Indonesia, highlighted the importance of commitment from companies, investors and stock exchanges to championing gender equality and the empowerment of women. She said, "The 'Ring the Bell for Gender Equality' event is evidence that realizing women’s economic empowerment is not only a moral imperative but also a smart economic investment.”
The event also serves as a platform to spotlight the 182 companies in Indonesia that signed the Women’s Empowerment Principles (WEPs), a guideline for the private sector to integrate gender equality into business practices and culture, initiated by UN Women and the Global Compact.
Risa Rustam, Director of Finance and Human Resources at the Indonesia Stock Exchange, also hopes for increased support from companies in Indonesia's capital market industry towards women's empowerment efforts in the workforce. She noted, “We hope that this support will not stop after International Women's Day, but will also be reflected in business-as-usual actions to strengthen the position of women in various aspects of life, including in sustainable business and the economy.”