Trade, Investment, Prosperity: Experts On Commonwealth's Winning Formula
According to the experts, Indian businesses have a strong potential to increase their presence in other commonwealth countries
Urging business leaders to tap into the vast economic potential, Rosie Glazebrook, the chief executive officer (CEO) of the Commonwealth Enterprise and Investment Council (CWEIC) said that promote trade and investment among the 56 Commonwealth nations to unlock new opportunities for growth, innovation and job creation.
Speaking at the Assocham conference on Commonwealth Champions, Glazebrook emphasized the event’s goal is to boost trade and investment among the 56 Commonwealth countries. She said, “This Commonwealth Champions Conference brings together some of the most innovative entrepreneurial businesses in India and their Commonwealth counterparts, and we hope that this will lead to long-term collaboration.”
While addressing the conference, Michael Okyere Baafi, Deputy Minister for Trade and Industry, Ghana said that the commonwealth is a unique and diverse community, encompassing nations that, together, represent nearly a third of the global population. The potential for economic growth through enhanced trade and investment within this community is substantial, but it requires a concerted and strategic effort from all member states. Ghana, as a dynamic and forward-looking nation, is prepared to be an active participant in this endeavour.
Baafi added, “There are certain expectations from our esteemed commonwealth partners, including India, which are vital to the realisation of our shared objectives. Firstly, we advocate for the reduction of trade barriers that hinder the free flow of goods and services within the Commonwealth. By facilitating market access for Ghanaian and African products, we can stimulate trade and create new opportunities for economic cooperation. We therefore seek greater collaboration in these areas, particularly in sectors such as agriculture, manufacturing and Information Technology."
In the event, experts called upon commonwealth partners to support infrastructure development across Africa. Investment in transport, energy, and digital infrastructure is critical to unlocking the full potential of intra-commonwealth trade. Ghana, with its strategic location and ongoing infrastructure projects, stands ready to serve as a hub for such an initiative.
Baafi mentioned, “Lastly, we underscore the importance of partnerships in education and skills development. A well-educated and skilled workforce is the foundation of any thriving economy. We look forward to deepening collaboration in this area through expanded scholarships, exchange programs and vocational training initiatives that will empower our youth and drive innovation.”
Mukangira Jacqueline, High Commissioner, Rwanda's High Commission said that how his nation has put in place policies and laws that promote and regulate the investment environment. The new Rwandan visa regime has benefitted the Indians travelling to Rwanda and beyond in many ways. The facilities which have been put in place by the two countries have set a conducive environment for Indians to travel and invest in Rwanda and for Rwandans to travel to India for studies, medical treatment and some trade reasons.
"With these opportunities mentioned, Rwanda is ready to welcome investors in sectors with potential opportunities, including Manufacturing, Infrastructure, Construction materials, Real Estate, Affordable housing, ICT, Innovation technologies, Agriculture and Agro-processing, Energy, Tourism, Health, Education, Financial Services and Mining. The investment opportunities are backed by strong fiscal and non-fiscal incentives, highlighted Jacqueline.
Notably, Rwanda has access to Africa and global markets, through robust trade agreements, such as the East African Community/EAC, the Common Market for East and Central Africa/COMESA, the Economic Community for Central African States/ ECCAS and the African Continental Free Trade Area/AFCTA.
Monica Kennedy, Head, South Asia, Australian Trade and Investment Commission (Austrade), New Delhi, India emphasised the robust trade relationships between India and Australia as a model of meaningful international engagement. The Australia-Indian Economic Cooperation and Trade Agreement (ECTA) was highlighted as a significant milestone, facilitating tariff-free access for 96 per cent of Indian products entering Australia and 85 per cent of Australian goods entering India.
Kennedy also emphasised the shared commitment of both nations to achieving net-zero targets. Additionally, she pointed out Australia’s active role in collaborating with India on agricultural technology to support the vast agricultural sector.
India's Growing Technology Landscape
During the second session on information technology, Mahaveer Singhvi, Joint Secretary, New, Emerging and Strategic Technologies (NEST), Ministry of External Affairs, stated that the sector's significant contribution to economic growth, accounting for 7.5 per cent of gross domestic product (GDP) and employment opportunities. Singhvi discussed the transformative impact of IT on digital infrastructure, including Digital India, and its achievements in digital payments and digital identities
He highlighted India’s advancements in AI and blockchain, noting the country’s commitment to developing scalable solutions and democratising innovation through its AI mission. Additionally, he underscored the strong ties between India and Commonwealth countries in the IT sector, focusing on knowledge exchange, skill development and joint ventures.
Seetharaman Sampath, Former Chairman of Assoham National Council on WTO, Trade and Investment said that Indian businesses have a strong potential to increase their presence in other commonwealth countries. "Similarly, businesses in other commonwealth countries have immense potential to export to India, one of the largest economies in the Commonwealth," said Sampath.
