Promote trade and investment among the 56 Commonwealth nations: Rosie Glazebrook, CEO, CWEIC
At the ASSOCHAM conference on Commonwealth Champions, Ms. Rosie Glazebrook, CEO of the Commonwealth Enterprise and Investment Council (CWEIC), the conference aims to bring together India’s innovative businesses and their Commonwealth counterparts to foster long-term partnerships, focusing on supporting small and medium enterprises (SMEs) and startups to help them scale and grow through enhanced opportunities.
She 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, H.E. Hon. Michael Okyere Baafi, Deputy Minister for Trade and Industry, The Republic of Ghana said, 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.
“There are certain expectations from our esteemed commonwealth partners, including India, which are vital to the realization 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.
Secondly, we call upon our 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 initiative.
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”.
H.E. Ms Mukangira Jacqueline, High Commissioner, High Commission of The Republic of Rwanda said, As of Rwanda, member and current Chair-in-Office of the Commonwealth of Nations, we have 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 for-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 H.E. Ms Mukangira Jacqueline, High Commissioner, High Commission of The Republic of Rwanda.
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.
Dr. Monica Kennedy, Head, South Asia, Australian Trade and Investment Commission (Austrade), New Delhi, India, shared insightful remarks during the first session of the #CommonwealthChampionsConference, centered on ‘Economic Growth and Trade.’ She emphasized 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% of Indian products entering Australia and 85% of Australian goods entering India.
Dr. Kennedy also emphasized 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.
During the second session on ‘Information Technology’, Mr. Mahaveer Singhvi, Joint Secretary, New, Emerging and Strategic Technologies (NEST), Ministry of External Affairs, Government of India, provided insightful perspectives on the role of India’s IT sector. He emphasized the sector's significant contribution to economic growth, accounting for 7.5% of GDP, and employment opportunities. Mr. 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 democratizing innovation through its AI mission. Additionally, he underscored the strong ties between India and Commonwealth countries in the ITSector, focusing on knowledge exchange, skill development, and joint ventures.
Mr. Seetharaman Sampath, Former Chairman of ASSOCHAM National Council on WTO, Trade and Investment said, 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. The conference is to foster trade and investment in the commonwealth countries. The future depends on science and innovation. We should set up a Commonwealth Champions of Science Prize, on the lines of Nobel Prize to recognise original scientific research within the commonwealth. I wish the conference all the success.
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