Commonwealth Secretary-General encourages increased investment in the Caribbean

Commonwealth Secretary-General Rt Hon Patricia Scotland KC

The Commonwealth Secretary-General, the Rt Hon Patricia Scotland KC, made a strong case for continued investment and partnership at the UK-Caribbean Trade and Investment Forum. The event was organised by DMA Invest in partnership with the Foreign Commonwealth and Development Office, the UK Department for Business & Trade, and UK Export Finance.

The forum aims to encourage inward investment and to strengthen economic ties between the UK and the Caribbean region. It was the first of two Caribbean-focused events that she was participating in that day, the other being the signing of a Memorandum of Understanding with the development bank, CAF, which serves Latin America and the Caribbean.

The audience included government ministers and senior officials, private sector representatives, international organisations, multilateral banks, financial institutions and other stakeholders.

In her keynote address, the Commonwealth Secretary-General said:

“There has never been a better time to invest in Commonwealth countries – and it has never been more important that we successfully mobilise investment into the economies of our small states. The key our progress is our ability to work together: true to our values, guided by our interests, and capitalising on our advantages – because cooperation is the catalyst for prosperity.”

She added:

“Together, we can truly deliver lasting economic benefits for the countries we work in and serve – and build societies which are more equal, more sustainable, healthier, more prosperous and more secure.”

In her speech the Secretary-General also noted that Heads of Government have strongly endorsed the new Commonwealth Investment Action Plan, developed under the mandate of their trade ministers, at the Commonwealth Heads of Government Meeting (CHOGM).

Specifically, the action plan makes clear commitments for Commonwealth action in three areas:

Enhancing the provision of technical support to build capacity and capability;
Improving knowledge exchange and joint working, including sharing best practices; and
Using the Commonwealth’s convening power to bring in private sector stakeholders by building the strongest possible networks.

The Commonwealth trade advantage was also highlighted during the event.

In October, the 2024 Commonwealth Trade Review reported that trade costs between Commonwealth countries is 21% lower on average. Across member countries, intra-Commonwealth trade hit a record-breaking $854 billion in 2022 and is expected to surpass $1 trillion by 2026. Foreign direct investment (FDI) flows between countries within the Commonwealth reached $172 billion in 2022.

 In 2022, the Commonwealth’s combined GDP reached US$14 trillion for the first time, with projections estimating it could rise to $20 trillion by 2029.

The Secretary-General, who is of Caribbean heritage, also spoke about the importance of ensuring that the region is not left behind in accessing a share of the US$15.7 trillion, which it is estimated that artificial intelligence will add to the global economy by 2030. The Commonwealth Secretary-General asserted that must equip our small states with the digital skills and access they need to thrive in the future.

It was noted that the Secretariat is playing its part with the Commonwealth AI Academy, which equips people with essential tools for upskilling and provides a foundation for a future where AI is ubiquitous. In partnership with Intel, a series of six self-paced online courses is now available on the Commonwealth eLearning Platform.

Courses available include: Introduction to AI for Youth, Introduction to Generative AI, Introduction to Web 3.0, Introduction to Responsible AI Skills, Demystifying Intel® Rev Cloud, and Demystify AI and OpenVINO™ toolkit.

In addition, government officials can explore strategies through the Digital Readiness for Public Sector Leaders program to safeguard their citizens' interests effectively. The online and self-paced course was launched in March 2023 and aims to demystify emerging technologies among senior-level public sector officials in Commonwealth countries. It also provides an overview of artificial intelligence, its potential applications, current challenges and the digital readiness of respective countries.

(Image courtesy of DMA Invest)