Work on Commonwealth Biz Forum progressing well; big draw expected

Saturday, 15 June 2013 01:24 - - {{hitsCtrl.values.hits}}

By Shabiya Ali Ahlam

Preparations for the first-ever Commonwealth Business Forum (CBF) in Colombo in November are progressing satisfactorily, with organisers expressing confidence yesterday on exceeding targets set for drawing worldwide participants and investments.

“We are expecting over 1,000 delegates across the world for the CBF. This will be the biggest gathering of eminent business people outside the World Economic Forum at Davos with more Heads of Government involved than any other meeting with the private sector,” the visiting Commonwealth Business Council (CBC) Director General and CEO Peter Callaghan told journalists in Colombo yesterday. “Preparations for the CBF are well advanced and we are confident of exceeding our targets for participating Heads of Governments with over 150 international political and business personalities addressing the forum,” Gallaghan said at the briefing at which Deputy External Affairs Minister Neomal Perera and CBC-Co Chair Mahendra Amarasuriya were also present.

Callaghan is in Sri Lanka to update ministers, senior officials and business leaders on the development of the event. Half of the 1,000 participants for the CBF will be from overseas and Callaghan said as of now business people from over 75 countries have confirmed their participation. CBC is expecting delegates from 30 more countries to register for the forum.

The CBF will be held from 12 to 13 November as one of the associated events of the 2013 Commonwealth Heads of Government Meeting (CHOGM) which is on from 15 to 17 November in Colombo.Callaghan stressed that the CBF offers Sri Lanka a unique opportunity to profile its strengths as a destination for international investments.

“We are confident that, as in the case of previous CBF gatherings, the Colombo Forum will lead to insights as well as contracts, business deals and joint ventures worth billion dollars,” he added.

While the last CBF that was held in 2011 in Perth brought an investment of $ 2 billion to Australia, in absolute terms, the CBF aims to bring approximately US$ 1 billion worth investment across all industries in Sri Lanka, and the CBC predicts that most will be concentrated in the tourism sphere.

According to Callaghan, the forum will showcase the potential of the Commonwealth community of two billion people now responsible for 20% of the world trade and signal opportunities in emerging markets containing many of the world’s fastest growing economies, growing middle class and younger generation.

Deputy Minister Perera added to this by saying that in terms of local participation, through the Chambers of Commerce, about 300 local business people have registered so far.

Co-Chair Amarasuriya noted that it was still too early to give the exact number of participants since this was an international conference and all attendees, including those from the media, would have to go through an accreditation process.