A Global Reset Awaits: Journey towards Commonwealth Business Forum 2022

As the world counts down to the Commonwealth Heads of Government Meeting (CHOGM) slated for June this year, business leaders have been called upon to leverage on the opportunities the forum provides, particularly with regards to the Commonwealth Business Forum 2022 (CBF 2022) that will take place from June 21 to 23 in Kigali, Rwanda. CBF 2022 will be the first and largest in-person gathering for Governments and Business across the Commonwealth since the start of the Covid-19 pandemic, and will serve as a platform of significant opportunities for growth and development.

In anticipation of CBF 2022, the Rwanda High Commission (RHC) in Tanzania in collaboration with the CEO Roundtable of Tanzania (CEOrt) hosted key government and private sector leaders at a breakfast meeting to openly discuss their respective roles in rebuilding and reinvigorating the global economy.?

The CEOrt was honored to welcome Permanent Secretary Prof. Godius Kahyarara from? the Ministry of Investment, Industry and Trade at the breakfast meeting who conveyed a message from the Minister, Hon. Dr. Ashatu Kijaji, appealing to business leaders to take part in CBF 2022 in June. During his remarks, Prof. Kahyarara noted that the conference will provide a platform to discuss issues critical to sustainable development including unemployment, trade barriers, innovation and food security. “We need to consider the youth, and think of investments that address matters that affect them,” he added. With CEOs from over 180 leading companies in Tanzania, the CEOrt cuts across multiple sectors of the economy and operates to enhance impact in leadership and the country’s sustainable development. This includes closely collaborating with the public sector, as the organization supports the Government of Tanzania in working towards its development goals. Collectively, members of the CEOrt contribute around 50% of the country’s taxes, and also add on to Tanzania’s economy through employment, capacity building, technology transfer and skills development.?

Mr. Sanjay Rughani, former CEOrt Chairman, highlighted how the motivation that drives the Commonwealth Business Forum aligns to the philosophy of the CEOrt. With the Commonwealth being made up of 54 states and 2.6. billion people, two thirds of which are the youth, the association encompasses many differences but a shared common agenda of progress. Through its four pillars, the CEOrt also champions sustainable socio-economic development - by committing to being a force for good (ethics), fostering dialogue that is an anchor for growth, directed toward creating consistency, stability and a more fair world for all (policy), working to deliver a better future for the youth and other vulnerable populations, keeping in mind the critical element of sustainability (prosperity), and networking, collaborating and challenging each other to grow together (engage). His remarks reflected on the relevance of the upcoming event, mentioning that “the Commonwealth Business Forum is about all of us, and it is a chance to not only acknowledge that we are part of a bigger world, but also pave the way for our prosperity.”

Rwanda High Commissioner to Tanzania, H.E. Major General Charles Karamba, shared further insights on the upcoming conference and emphasized its importance in bringing together key stakeholders to explore how they can collectively transform common challenges into new opportunities. “As neighbor countries, Rwanda and Tanzania already share a lot in doing business. The geographical positioning only adds on to the advantage for business leaders in Tanzania to attend this Commonwealth Business Forum. It is a chance to not only strengthen our trade ties but also elevate our status as key emerging players in the global economy,” he said.

One of the objectives of CBF 2022 is to come out with tangible recommendations that can be shared with government leaders in order to address some of the pressing issues that society is facing. This was said by Ms. Louise Kanyonga, Chief Strategist at Rwanda Development Board (RDB) in her presentation on the upcoming forum while unpacking the event theme, ‘Delivering a Common Future: Connecting, Innovating, Transforming’. It is essential that we think intentionally and speak to the different realities across the Commonwealth. In connecting the Commonwealth, the conference is expected to also analyze what disruptive role ecosystems have played on global value chains, the sectors affected, and how we reinvent moving forward in order to build resilience for future disruptions. In innovating for the Commonwealth, the focus will be on financing future growth, bridging the gap between technology and governance, and harnessing innovation to achieve global health equity. And in transforming the Commonwealth, the meeting will evaluate how we are preparing the youth for the transitions brought about by the ‘future of work’ phenomenon and sustainability as a whole.

Contributing to the discussions Mr. John Kalisa, Executive Director of the East African Business Council (EABC) highlighted opportunities for unlocking market access for enhanced trade and investment through the Commonwealth Business Forum. The East African Community (EAC) is the fastest growing region in terms of the integration agenda, with regional collaboration efforts, which ensured the EAC countries did not slide into a recession post-Covid-19 despite experts’ projections. “The recent report released jointly by UNECA, African Development Bank and Africa Union tracking the performance of Regional Economic Communities, highlighted a number of areas where EAC is taking a leading role. Looking at the various growth trajectories, there are sound reasons why EAC is chosen as the preferred destination for? trade and investment, such as market access to more than 280 million people as well as a combined GDP size of about US$ 240 billion, simplified investment procedures, generous incentives, growing capital markets and an abundant labour force,” Mr. Kalisa stated. The idea of “building back better” is underpinned through prioritizing resilience including tax reforms to allow innovation and the protection of regional value chains to ensure they do not become a dumping ground for imported products. He further outlined a robust data set on Commonwealth nations, including a consumer base of 2.6 billion people, a combined gross domestic product estimated at around US$14trillion and the fact that eight of the top 10 most innovative economies in Sub-Saharan Africa are Commonwealth nations. This jointly provides enormous opportunities to exploit economies of scale.

A panel discussion concluded the breakfast meeting, with select Private Sector experts sharing their insights on the subject matter. Mr. Khalid Ghareib, CEO of Lafarge Cement Tanzania, spoke of raw material synergies, supply chain disruptions and sustainability as the three pillars we need to have solid policies on? in order to positively impact trade across the Commonwealth. DSM Corridor Group CEO Mr. Jesper Sorenson drew more emphasis on the importance of the sustainability angle, using the example of Tanzania’s recent investment in its Standard Gauge Railway project. Mr. Kalisa’s closing remarks called for regional collaborative efforts to invest in multi-modal transportation to improve trade thus build resilience and competitiveness. In her closing remarks during the panel discussion, Ms. Kanyonga reminded Private Sector leaders present that diversity is an important aspect of CBF 2022 as it brings together developed and emerging economies with a strong call to action for the private sector to provide solutions.

The CBF 2022 experience has been designed to provide different ways to create meaningful connections, exchange knowledge, contribute to impactful dialogue and consume information. This year’s theme will carry a focus on “A Global Reset”, dealing with the impact of the pandemic and the Commonwealth’s role in rebuilding and reinvigorating the global economy.?

The forum is offering highly discounted rates for EAC residents, and further details can be found on the website https://www.chogm2022.rw/CBF/ .?