"UN women will offer new dynamic to the global dialogue on gender equality," the head of UN Women and former president of Chile, Michelle Bachelet, said during the official opening ceremony held here on Thursday evening.

"There's no limit to what women can do," Bachelet, who was greeted with loud cheers, noted.

UN Women -- formally known as the UN Entity for Gender Equality and the Empowerment of Women -- was established in July 2010 by the UN General Assembly, merging four previous UN bodies dealing with women's issues.

The launch of the women empowerment agency is taking place during the 55th session of the UN Commission on the Status of Women, the global policy-making body dedicated exclusively to gender equality and the advancement of women.

UN Women will be working with an annual budget of at least US$500 million -- double the combined resources of the four agencies it comprises, namely the UN Development Fund for Women (UNIFEM), the Division for the Advancement of Women (DAW), the Office of the Special Adviser on Gender Issues, and the UN International Research and Training Institute for the Advancement of Women (UN-INSTRAW).