Accelerate Women’s Entrepreneurship and Economic Opportunities in Korea: Research Findings on the Environment for Women-Owned Businesses in Gyeonggi Province

Abstract

Women’s economic empowerment is crucial to boosting job creation and economic growth globally. In Asia and the Pacific, closing the gender gap in economic opportunities by 2025 is estimated to increase gross domestic product (GDP) by 12 percent. 1 Women’s entrepreneurship is a key component of women’s economic empowerment, and beyond the economic gains, women’s entrepreneurship is crucial to advancing women’s rights, opportunities, and influence. Despite this mounting evidence, efforts to close these gender gaps have lagged, and women remain significantly less likely to start and grow businesses than their male counterparts. The Asia Foundation has a long history of supporting women entrepreneurs in Asia and the Pacific and enhancing their access to sustainable livelihoods and advancement in the labor market. Its Accelerate Women’s Entrepreneurship program builds on decades of experiences identifying the barriers that limit women entrepreneurs from starting and growing their businesses and providing them with the tools and skills to achieve success. Working with experienced local partners, the Asia Foundation identifies and addresses legal, regulatory, and social constraints that hinder women’s entrepreneurship opportunities and supports current and aspiring women entrepreneurs to access finance, markets, training, and networking opportunities needed to start and grow businesses. With generous support from Foundation CHANEL, The Asia Foundation implemented a one-year research project, Accelerate Women’s Entrepreneurship and Economic Opportunities in South Korea, to better understand the challenges and opportunities facing women entrepreneurs in Gyeonggi Province, including the current policy environment. The long-term goal of the project is to support women entrepreneurs in Gyeonggi Province to: (a) start and operate successful businesses as a viable career option; (b) improve their socio-economic well-being and that of their families and communities; and (c) enable them to contribute to and benefit from economic development.