Women are now also part of the increased mobility of talent that is able to relocate to different parts of the country or to venture abroad. Increasingly, women are now rising to senior and key top management positions in both private corporations and in government, although we are still less than where we should be. The changing corporate cultures, the shift away from hierarchical structures, in fact, are to the advantage for women professionals. We have seen these changes taking place in international corporations, where the previous power structures have resulted in limited opportunities for women. Changes in corporate cultures towards more collegial environment have inculcated organisational values and behaviours that have been more conducive for increased opportunities for women. Let me turn to the implications of an environment of constant change and transformation. Indeed, as we go forward, we can expect this pace of change to intensify. To succeed in this ever changing environment, there needs to be an awareness and an understanding of the nature of these changes and its radical implications and consequences. Survival in the modern economy requires the adoption of new approaches and strategies. Approaches that have brought previous successes will no longer become relevant. It will require radically different ways of doing things. Prospering on a short-term business trend without developing capabilities and competitive positions will risk the future of any business. The new environment requires strategies that aim to secure durability and sustainability. This new environment will be characterised by increasing competitive pressures.

Another area in which there is significant participation of women is the services sector which has now become one of the most important sources of growth for the Malaysian economy projected to expand by 7.7% in 2008. Ninety percent of womenowned SMEs in Malaysia are in fact in the services sector. Some of these activities are also developing in the informal sector. As, the formal economy in Malaysia continues to prosper, there is significant scope to integrate the informal sectors of our economy with the formal sector. Deliberate actions to integrate the informal economy into the formal economy will give this segment of society increased opportunities. As part of the efforts to promote greater engagement of women in the modern economy and their increased participation in the formal economy, significant initiatives have been taken to raise the level of financial literacy among  2  BIS Review 37/2008  women. Greater empowerment can be achieved through the resulting greater financial independence. In many countries, the success of various national and international socio-economic reform programs have resulted in women becoming an increasing part of the formal economy. Through the concerted efforts of women's rights movements, economic policy intervention and gradual shifts in cultural norms, women today have more opportunities for education, careers and political representation. This has allowed for increased participation in the economy. Bringing women into the economic mainstream would contribute to the economic potential of the nation.