Less than 50 days before the Commonwealth Business Forum (CBF) comes to the UK for the first time, the Commonwealth Enterprise and Investment Council (CWEIC) has announced De La Rue, the leading international bank note and passport manufacturer, and Wood, a global leader in project, engineering and technical services to energy and industrial markets, as the official partners of the Forum.
The CWEIC is dedicated to facilitating trade and investment throughout the 53 states of the Commonwealth and supporting private sector companies and governments to promote economic activity, with the CBF a cornerstone event. The invitation-only Forum will attract over 800 senior business and government leaders from across the Commonwealth.
Wood is a global leader in the delivery of project, engineering and technical services to energy and industrial markets. The company operates in more than 60 countries, employing around 55,000 people, with revenues of around $10 billion. Wood’s services extend from concept to decommissioning across a broad range of markets, including upstream and downstream oil & gas, chemicals, environment and infrastructure, power & process, clean energy, mining, nuclear, utilities and general industrial sectors.
Announcing the official partners of the CBF, CWEIC chairman, Lord Marland of Odstock said: "I am delighted that Wood has chosen to partner with the Commonwealth Business Forum and am especially pleased to welcome them as strategic partners of the Commonwealth Enterprise and Investment Council. Wood is doing excellent work across many Commonwealth countries; the services they provide are essential to emerging economies and the developing energy sector, which is so key to prosperity."
Robin Watson, chief executive of Wood, said: “The Commonwealth remains a powerful force for social and economic good in the world and we are proud to be engaged with the Business Forum. Wood is a pioneering UK-headquartered company, working in many Commonwealth countries and beyond, designing, constructing and maintaining important infrastructure and engineering and innovating in emerging and developed countries. We look forward to adding our perspective to the forum and in particular discussing some of the challenges around sustainability and the legacy we leave future generations.”
Participants in CBF will explore how businesses can maximise the opportunities presented by the Commonwealth Factor, which estimates that trade costs are on average 19% lower between Commonwealth countries due to the shared values, regulatory systems and language. Discussions will focus on key themes such as accessing modern financial services; easing the pathway for business and growth; harnessing Commonwealth technology and innovation; creating a new attitude to sustainable business; mobilising an export economy; and attracting inward investment.
Intra-Commonwealth trade, which was estimated to be worth $525 billion in 2015, is projected to surpass $1 trillion by 2020.CWEIC’s ambition is to encourage and grow intra-Commonwealth trade and investment and assist member organisations in developing high quality trade and investment opportunities.
The CWEIC is also due to announce the first round of confirmed speakers for the CBF. All speakers at the Forum have personally been invited by Lord Marland of Odstock, chairman of the Commonwealth Enterprise and Investment Council, and are considered to be leaders in their chosen field.