With more than 2.5 billion people, and a combined economy of more than $13.5 trillion, where better to start looking than the Commonwealth?
The Commonwealth is home to some of the world’s fastest-growing economies, while Commonwealth member states benefit from 21% lower bilateral trading costs, a factor known as the “Commonwealth Advantage.”
For an example of the Commonwealth network in action, look no further than the 2023 Commonwealth Trade and Investment Summit (CTIS), which showcased the vibrancy and vitality of the Commonwealth business community in no uncertain terms. The Commonwealth Enterprise and Investment Council (CWEIC) welcomed international businesspeople, ministers, and Strategic Partners to London for the 2023 Summit, which took place at the iconic Glaziers’ Hall in November.
CWEIC is the Commonwealth’s business organization, with a mandate from the Commonwealth heads of government to work across the 56 member states to drive trade and investment. Alongside partners in both the public and private sector, CWEIC works to convene, support, and advise businesses interested in working within and across the Commonwealth.
In Bangladesh alone, CWEIC has worked closely with the government of Bangladesh -- a CWEIC Strategic Partner -- as well as a number of Bangladeshi businesses. In September, CWEIC hosted the Commonwealth Trade and Investment Forum in Dhaka, bringing hundreds of international delegates to the capital and showcasing the successes that Bangladesh has had in recent years. CWEIC’s operations in the country are ably led by Zillur Hussain MBE of the ZI Foundation and Dr Sumon Chowdhury, the Chairman of RRM Group.
CTIS showcased the work that CWEIC has been doing to drive trade and investment throughout the Commonwealth network, working alongside more than 150 strategic partners to build bridges and provide support to businesses who recognize the Commonwealth’s immense potential. This year CWEIC has opened new hub offices in Cameroon, serving Gabon and Togo, in Kenya, serving East and Central Africa, as well as offices in Singapore, and Bangladesh following the success of the rade and Investment Forum in Dhaka, this September.
Across two days, delegates heard from high-quality international speakers such as Alderman Michael Mainelli (Lord Mayor of the City of London), H E Wamkele Mene (Secretary General, AfCFTA), Professor Benedict Oramah (President, African Export-Import Bank), and Mr Jim Ovia, CFR (Founder and Chairman, Zenith Bank). High-level panel discussions focused on issues as varied as the intersection between technology and healthcare, investment finance for emerging markets, and the role of the private sector in driving sustainability.
There were plenty of opportunities to meet, mix, and mingle, bringing Commonwealth businesses together for what they do best -- networking. This year’s CTIS was testament to the vitality, vibrancy, and diversity of the Commonwealth’s business community.
It was a chance to showcase the immense potential of the Commonwealth, and the work that CWEIC is doing to drive investment and growth across its 56 member states.
Sam Bidwell is the founder and Director of the Centre for Commonwealth Affairs.