Ministers vow to develop ‘untapped export potential’ of women-led businesses
Ministers vow to develop ‘untapped export potential’ of women-led businesses
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The Scottish Government is seeking to develop the “untapped export potential” of female-owned businesses in a bid to boost the country’s economy. Research has shown Scotland’s trade could increase by as much as £10.3 billion over two years if women-led businesses exported at the same rate as firms owned by men. Ministers are now pledging to provide more tailored support for women entrepreneurs looking to enter international markets.
Business minister Richard Lochhead stressed the need to act as he visited Raven Botanicals near Haddington, East Lothian, which is run by sisters Arabella and Charlotte Harvey. By empowering female entrepreneurs to step confidently into the global marketplace, we can secure significant economic growth and strengthen Scotland’s reputation on the world stage. The firm is in talks with a potential overseas client after showcasing its natural skincare and beauty products in trade missions to the United States and Dubai.
The minister’s visit came as the Gender Export Gap report, published by the Government, estimated Scotland’s trade could increase by £3.4 billion to £10.3 billion over two years if women-led businesses exported at the same rate as those led by men. Mr Lochhead said: “The untapped export potential of women entrepreneurs identified by this report is astonishing.”. The Scottish Government plans to target more women business owners to take part in trade missions and export training programmes, but Mr Lochhead said this is “just the beginning”.
He added: “We will work with organisations such as Scottish Development International and the Scottish Chamber of Commerce to understand the specific export needs of women-led businesses and provide further assistance. “The gender export gap is a worldwide phenomenon and the position in Scotland is typical of comparable countries. “However, we are determined to improve and reap the huge economic rewards.”.
The report found women-led firms are typically “smaller in size” and are predominantly based in the services sector, with this said to contribute to exporting differences. Women entrepreneurs are said to “face a variety of obstacles to exporting, including the lack of access to finance”, the report added. Arabella Harvey said: “As a business in the early stages of growth, we welcome the commitment to meaningful, tailored support for female entrepreneurs.
