Indonesia Ring the Bell for Gender Equality Calls for Investment in Women’s Economic Empowerment

For the 5th year, Indonesia Stock Exchange (IDX) is hosting bell ringing ceremonies, together with UN Women, International Finance Corporation (IFC), Indonesia Global Compact Network (IGCN), and Indonesia Business Coalition for Women’s Empowerment (IBCWE), to raise awareness of the pivotal role the private sector play in advancing gender equality. This year, 121 stock exchanges around the world are marking the tenth anniversary of ‘Ring the Bell for Gender Equality’ events to commemorate International Women’s Day. 

The Ring the Bell event offers reflections on the United Nations’ theme for International Women’s Day 2024 “Invest in Women: Accelerate Progress” which underscored the importance of gender equality as the best way to accelerate economic growth and build more prosperous, equitable societies. This is particularly urgent as global situations, such as crises, conflict, and climate change disproportionately impact women and girls. 1 in every 10 women in the world lives in extreme poverty and only 61 per cent of women are in the labour force. In Indonesia, women labour force participation stands at 54.4 per cent, significantly below the participation of men. 

Risa Rustam, Director of IDX stated that, “Aligned with the theme “Invest in Women: Accelerate Progress”, we also hope that companies in Indonesia capital market industry would give more support towards the efforts of women empowerment in the workforce. We hope that this support will not stop after the International Women’s Day, but also will be reflected in the business as usual actions to strengthen the position of women in various aspects of life, including in the area of sustainable business and economy”. 

Dwi Faiz, Head of Programmes UN Women Indonesia said, “Today’s bell-ringing event signifies the companies, investors, and stock exchanges’ unwavering commitment to championing gender equality and the empowerment of women. The fact that this has been a consecutive event to commemorate International Women’s Day since 2020 speaks volumes. This event is evidence that realizing women’s economic empowerment is not only a moral imperative but also a smart economic investment.” 

“The benefits of better utilizing the talents of half of the world’s population cannot be ignored. Closing the gender employment gap is key to transforming the global economy, supporting job creation, and promoting sustainable development,” said Euan Marshall, IFC’s Country Manager for Indonesia and Timor-Leste. “IFC is committed to investing in women and accelerating progress, alongside our partners from the stock exchange, regulators, and other development partners in Indonesia.” 

Josephine Satyono, Executive Director of Indonesia Global Compact Network (IGCN) said, “Today, we call for transformative change, understanding that investing in women is not just a moral imperative but a strategic necessity for economic growth. Let us, as a collective force, pledge our commitment to this cause. By investing in women, we accelerate progress, paving the way for a more prosperous and equitable world.” 

“This year’s theme is a reminder for us to create an enabling environment and to support women to achieve leadership roles,” said Wita Krisanti, Executive Director of IBCWE. She also said that more 

women in leadership positions in the business can have a stronger impact on society, also help in breaking stereotypes and creating role models for future generations. 

The Ring the Bell for Gender Equality also serves as a platform to spotlight the implementation of Women’s Empowerment Principles (WEPs), initiated by UN Women and the Global Compact. The WEPs, a guideline for the private sector to integrate gender equality into business practices and culture, is now signed by 182 companies in Indonesia. The WEPs Signatory community in Indonesia grew more than tenfold from just 14 companies in 2019 which shows businesses’ growing commitment to fostering gender equality in the workplace, marketplace, and community. 

The event features a panel discussion with guest speakers Alexandra Askandar, Vice President Director PT Bank Mandiri (Persero) Tbk, Miftahuddin Amin, Executive Vice President and Chief Administration Officer PT Paragon Technology and Innovation, and Cinta Laura Kiehl and Insight Session with Shinta Kamdani, CEO Sintesa Group and Chairperson APINDO to discuss how championing women’s empowerment will drive us towards an equitable future for all.