The United States Agency for International Development (USAID) and Development Solutions NGO, through the Business Excellence for Sustainability and Transparency (BEST) program, successfully organized the “Women Entrepreneurs IV: Leaping Beyond Business Barriers” forum to mark International Women’s Day.
In Mongolia, women lead 39.6% of businesses, yet research consistently shows that these women-owned enterprises often face weaker economic performance compared to their male counterparts. Characteristics of women-owned businesses include smaller sizes, lower profitability, slower growth rates, and a reliance on less external finance. Furthermore, the presence of women in ownership positions decreases as businesses grow larger; for instance, among the top 100 domestic companies, women in CEO positions constitute only 24%. These significant disparities highlight the urgent need to enhance the growth potential of women entrepreneurs as a strategy for economic empowerment, fostering overall economic growth, and advancing more equitable societies.
U.S. Ambassador to Mongolia, Richard L. Buangan, delivered opening remarks, extending warm greetings to all participants for International Women's Day. He emphasized the ongoing commitment of the U.S. government to foster the development and economic prosperity of Mongolia's small and medium-sized enterprises (SMEs) through the USAID-funded BEST program.
Ambassador Buangan noted, "The U.S. Government’s initiatives in Mongolia exemplify our deep-rooted belief in the power of women to drive social and economic change. Seeing the tangible outcomes of the USAID project—whether it's through increased business opportunities, improved entrepreneurship skills, or stronger networks—reaffirms our commitment to gender equality and economic empowerment.”
Over 150 women entrepreneurs participated in the forum, where they learned from accomplished women entrepreneurs across different sectors, exchanging valuable insights and best practices from their entrepreneurial journeys. The event proved highly impactful, fostering discussions that led women entrepreneurs to identify business expansion and enhancement strategies while also facilitating valuable peer-to-peer learning opportunities.
The BEST program, funded by the U.S. government through USAID aims to increase the contribution of SMEs to the Mongolian economy and facilitate job creation. The program, implemented in Ulaanbaatar city and 12 aimags, provides business consulting services to SME owners to increase access to finance and improve corporate governance. Since its launch, the BEST program has assisted over 2,400 women-led businesses secure external financing. Furthermore, over 2,600 women entrepreneurs have seen a marked improvement in their business performance thanks to the program's support, underscoring its vital role in fostering economic growth and empowering women in the private sector.
For more information about the BEST program, please refer to the following social platforms.
https://www.facebook.com/BESTprogramMN
https://twitter.com/bestprogram1
The United States Agency for International Development (USAID) and Development Solutions NGO, through the Business Excellence for Sustainability and Transparency (BEST) program, successfully organized the “Women Entrepreneurs IV: Leaping Beyond Business Barriers” forum to mark International Women’s Day.
In Mongolia, women lead 39.6% of businesses, yet research consistently shows that these women-owned enterprises often face weaker economic performance compared to their male counterparts. Characteristics of women-owned businesses include smaller sizes, lower profitability, slower growth rates, and a reliance on less external finance. Furthermore, the presence of women in ownership positions decreases as businesses grow larger; for instance, among the top 100 domestic companies, women in CEO positions constitute only 24%. These significant disparities highlight the urgent need to enhance the growth potential of women entrepreneurs as a strategy for economic empowerment, fostering overall economic growth, and advancing more equitable societies.
U.S. Ambassador to Mongolia, Richard L. Buangan, delivered opening remarks, extending warm greetings to all participants for International Women's Day. He emphasized the ongoing commitment of the U.S. government to foster the development and economic prosperity of Mongolia's small and medium-sized enterprises (SMEs) through the USAID-funded BEST program.
Ambassador Buangan noted, "The U.S. Government’s initiatives in Mongolia exemplify our deep-rooted belief in the power of women to drive social and economic change. Seeing the tangible outcomes of the USAID project—whether it's through increased business opportunities, improved entrepreneurship skills, or stronger networks—reaffirms our commitment to gender equality and economic empowerment.”
Over 150 women entrepreneurs participated in the forum, where they learned from accomplished women entrepreneurs across different sectors, exchanging valuable insights and best practices from their entrepreneurial journeys. The event proved highly impactful, fostering discussions that led women entrepreneurs to identify business expansion and enhancement strategies while also facilitating valuable peer-to-peer learning opportunities.
The BEST program, funded by the U.S. government through USAID aims to increase the contribution of SMEs to the Mongolian economy and facilitate job creation. The program, implemented in Ulaanbaatar city and 12 aimags, provides business consulting services to SME owners to increase access to finance and improve corporate governance. Since its launch, the BEST program has assisted over 2,400 women-led businesses secure external financing. Furthermore, over 2,600 women entrepreneurs have seen a marked improvement in their business performance thanks to the program's support, underscoring its vital role in fostering economic growth and empowering women in the private sector.
For more information about the BEST program, please refer to the following social platforms.
https://www.facebook.com/BESTprogramMN
https://twitter.com/bestprogram1