Business Forum aims to promote Commonwealth trade

Business Forum aims to promote Commonwealth trade and investment

The Business Forum, one of four pre-CHOGM events, aims to promote trade and investment and provide high level dialogue between government and business. The forum in Malta has been attended by over 1000 delegates from 80 countries and some 20 Heads of Government.

Oliver Everett, Chief Executive Officer, Commonwealth Enterprise and Investment Council, one of the organisers of the forum, said; “Business does not function in a vacuum,” and the issues which engage the Commonwealth business community are in fact manifold.

Maltese Prime Minister, Dr Joseph Muscat made clear that there remains untapped potential within the Commonwealth and while the forum "is a place where new partnerships are being made and deals being done” he warned that "the Commonwealth needs to be sharper and more purposeful."

The Prime Minister asked the forum to imagine what the Commonwealth could do if it unleashes its full synergy and potential, which critically includes an important role for women.

The Rt Hon Lord Maude of Horsham, the UK’s Minister of State for Trade and Investment spoke about rule of law, fair taxation, transparency and a stable regulatory environment as essential conditions for investment.

Lord Maude told the forum that business and consumers should demand that their politicians "get moving" in order to open up trade opportunities in the Commonwealth and thereby help to counter the global trend of slow-down of trade.

Good infra-structure, managing climate change, and a healthy blue economy are all needed for a stable business environment. The Hon Nickolas Steele, Grenada’s Minister of Health, highlighted the role of blue economy, saying if a complete base-line for all countries is not achieved then our individual efforts will not succeed as the sea does not recognise borders.

Participants of the forum noted that the terrain in which business thrives is one in which governance and rule of law are strong, women are equal participants in the business world, climate change is kept in check and the blue economy is managed sustainably.

The forum noted that the Commonwealth should pull together on all these fronts in order to maximise the potential for business and ultimately the prosperity of all its citizens.

ENDS

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