On women-led businesses, Iran and UAE are on the same page, Pg8

Key Highlights:

• Iran and the UAE, despite geopolitical differences, agreed on the need to build networks among women entrepreneurs at the BRICS Business Forum.
• The forum emphasized the potential of women-led businesses to foster economic resilience across BRICS nations.
• Key challenges identified for women entrepreneurs include limited market access, financing gaps, and regulatory barriers.
• Proposals included establishing a B2B matchmaking platform and creating new funding mechanisms for joint projects.

Detailed Insights:

• The BRICS Business Forum highlighted the importance of strategic integration, not just inclusion, for women-led businesses into global value chains.
• Zahra Rahale of Iran noted the capacity for frugal innovation among women entrepreneurs in challenging economic environments.
• Feryal Ahmadi from the UAE showcased the Dubai Multi Commodities Centre as a mechanism for women-led businesses to access international markets.
• Anna Nesterova of Russia underscored that cultural exchange driven by women entrepreneurs serves as a valuable business tool for building trust.
• Approximately 80% of MSMEs in BRICS countries are significantly led by women or involve women, underscoring their economic contribution.
• The BRICS Women's Business Alliance (WBA), established in 2020, is an official mechanism to enhance women's economic participation and leadership.
• The transition of the BRICS chair from India to China presents an opportunity to strengthen commercially meaningful networks and partnerships.

Key Concepts Involved:

• BRICS: An intergovernmental organization comprising Brazil, Russia, India, China, and South Africa, focused on economic cooperation.
• BRICS Women's Business Alliance (WBA): An official cooperation platform within BRICS aimed at promoting women's economic empowerment and integration into global value chains.
• MSMEs (Micro, Small, and Medium Enterprises): Businesses categorized by their size, crucial for job creation, innovation, and economic development.
• Frugal Innovation: The process of developing cost-effective and sustainable solutions using minimal resources, often in resource-constrained environments.