Biz talk ends after 3 days of deliberations

Friday, 15 November 2013 00:43 - - {{hitsCtrl.values.hits}}

By Cheranka Mendis The three-day Commonwealth Business Forum concluded successfully yesterday, having brought together over 1,450 participants from 95 countries to deliberate and discuss key matters of importance to the Commonwealth cluster. Noted as the ‘most successful’ by those in the Commonwealth Business Council as well as the delegates, the forum featured some 150 speakers sharing their views during 32 sessions excluding breakfast and luncheon discussions. The key findings of the forum were presented to President Mahinda Rajapaksa last evening at a roundtable discussion with Heads of Government and business leaders in Hambantota.

The forum under the theme ‘Partnering for Wealth Creation and Social Development: The Commonwealth, Indian Ocean and SAARC’ highlighted the importance of integration, inclusivity in growth, equitable development, innovation, public-private partnerships, youth empowerment and advancement in technology for expansion. With focus on sustainable and shared growth for progress, the forum reflected on the need for new models of financing for infrastructure, more focus on agriculture for lower income economies and the importance of driving start-ups and young entrepreneurs as growth drivers of the countries. The exponential scope in the African market was reiterated, noting it as a future growth engine of the world. The African delegation was among the top five largest delegations at the forum, along with the UK, China, India, and the Middle Eastern countries. Asia’s continuous rise in the world as a driver of global development was also highlighted, with success stories of economic giants China and India being shared during the discussions. At the concision of the forum, Chairman of the Commonwealth Business Council (CBC) Dr. Mohan Kaul introduced his successor, UK Prime Minister’s Trade Envoy Lord Marland of Odstock, who will take over the reins from 1 January 2014. The Commonwealth Business Council is a co-organiser of the Commonwealth Business Forum. Marlon is a successful businessman in the finance sector in the UK and abroad and has served as Minister of Environment as well as Minister of Business and Industry prior to accepting his position as a Special Envoy of Prime Minister David Cameron. Stating it was a great privilege, Marlon commended Kaul for establishing and developing the CBF to its present highly successful state and noted that the good work and progress would be continued in the years to come. “Through my extensive travel I have learnt how fundamental this relationship is – the sharing we have, the opportunities we have, and people and interests we share together. These are truly remarkable,” Marlon said. “I believe hugely in the Commonwealth’s future.” Delivering the concluding remarks, CBC Director General Peter Callaghan noted that there was an ease of doing business within the Commonwealth cluster which was rarely seen among other countries, stemming primarily from the common processes and practices shared by the community. “Those common practices we take for granted such as how contracts are written, shipping documentation, supply chain arrangements, human resources practices, corporate structures, financing, and not the least the common sports we all play are what has created this,” Callaghan said. “I think we underestimate that we share lots of things and not a just common language.” This generates an immediate basis of goodwill, which is an all-important factor when it comes to doing business. CBC is now focused on facilitating opportunities for future business from and between Commonwealth countries. “Commonwealth business people certainly don’t lack the desire or the will to carry out business, but there is always a continuing need to provide more of the ‘how’. CBC is about connecting people and companies who have the will with those who have the ‘how’.” One way in which this could be achieved is through access to finance. CBC continues to encourage the establishment of Commonwealth trade and export finance cooperation support trade across the cluster. He acknowledged that in order to share more of the ‘how,’ CBC continues to scope the creation of a Commonwealth business visa to make travel much easier. “We are supporting the spread of best business practices among investment promotion agencies, especially the development of domestic business and regional areas,” Callaghan added. The council is also active in developing initiatives for increased youth employment and enterprise, as well as increasing women’s engagement in business. “We are delighted with the turnout and the unstinted support of the Government of Sri Lanka in hosting this forum,” he added.