Commonwealth leaders revealed the Commonwealth Investment Action Plan in Samoa this week. The initiative aims to enhance trade and investment among Commonwealth member states while strengthening the economic resilience of small and vulnerable nations.
The event was led by UK Foreign Secretary David Lammy and included prominent leaders such as Prime Minister Sitiveni Rabuka and foreign ministers from countries like Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening comments, Commonwealth Secretary-General Patricia Scotland stressed the significance of collaboration within the Commonwealth to influence the future of investment: “The Commonwealth Investment Action Plan is a response to the mandate provided by our Trade Ministers to mobilise investment where it is most urgently needed. We are thankful to the United Kingdom and Malaysia for co-chairing this initiative as we aim to ensure that all member nations, particularly the smallest and most vulnerable, attract the necessary finance to transform their economies and enhance resilience against future challenges.”
The Commonwealth Investment Action Plan builds on discussions from the recent Commonwealth Trade Ministers Meeting. Scotland noted that the plan tackles critical issues faced by many Commonwealth countries, especially developing and small states, in securing the investments required to achieve the Sustainable Development Goals (SDGs) by 2030.
“This is particularly vital considering the growing gaps in infrastructure, climate-related challenges, and increasing inequality,” she added.
The Secretary-General also referred to findings from the 2024 Commonwealth Trade Review, highlighting noteworthy advancements in intra-Commonwealth trade and investment following COVID-19, with trade between Commonwealth nations reaching US$854 billion in 2022.
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