Women make up 50% of our society, but for far too long, there haven't been enough women business leaders or women entrepreneurs participating in our economy. That means not having the kind of productivity that we are absolutely able to have in Canada.
Putting forward a women's entrepreneurship strategy, a $7-billion investment since 2018, aims to do one thing: grow Canadian businesses and women entrepreneurs in businesses domestically here in Canada but also, as they grow, in those international markets.
What does that mean to the Canadian economy? The return on investment is $150 billion. If you add more women to the Canadian economy, you're going to add $150 billion to the Canadian economy. That means more jobs and more prosperity in communities.
If we do this globally.... This is the argument we always make with like-minded colleagues. Canada is part of the inclusive trade action group that is growing a network of like-minded countries and colleagues as we trade to grow and to be very deliberate in creating more opportunities for women entrepreneurs and seize the opportunity for $12 trillion for the global economy.
It is really important that we invest so that women's businesses can get access to capital and supports, like mentorship supports, and that we measure the progress. We have gone from 14% participation of women-owned businesses to 17% participation now.
In the trade missions I have taken to many different markets, from Africa to Europe, the United States and Asia, we have had dedicated women-led trade missions. I don't have the statistic in front of me, so I'd be happy to follow up. However, since the trade mission to Japan that took place a couple of years ago, we are seeing actual commercial deals result from that very mission.
Investments in the trade accelerator program help these women understand what it takes to grow their businesses in the international market. The ecosystem and organizations like the Asia Pacific Foundation have led some of these trade missions so that they can get into the market and grow.
However, as I always say as an economic minister, that ain't enough. It's not enough to just invest $7 billion so that women can grow the economy. You need affordable early learning and child care so that a woman can be more productive in their business and in their work. We have an 18-month parental leave, which we legislated many years ago. I talk to business owners all around the world, and the women who own businesses and the women leaders in those countries marvel at Canada's leadership with an 18-month parental leave so that women can be moms and own their businesses and be incredibly productive in the way that they choose to.
Then we passed pay equity. The thing is that women-owned businesses are never going to need that legislation. Do you know why? It's because women pay equally, no matter whether you're a man or a woman, in their businesses. While we have that legislation, which is terrific, I hope sometime in the years to come we will need it less and less.