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The Minister of Trade, Industry, and Cooperatives, Francis Mwebesa, will lead the country’s delegation to participate in the upcoming Commonwealth Trade and Investment Forum (CTIF) in Dhaka, Bangladesh.

A statement from the Commonwealth Enterprise and Investment Council (CWEIC) who are organising the forum said the investment will take place September 13-14, 2023.

“The Forum will draw together a number of global business leaders and ministers for a series of networking opportunities and panel discussions,” the stamen said.

According to CWEIC, more than 150 international attendees are expected in addition to the Bangladesh business community, with discussion panels set to focus on issues such as green financing, mental health in the workplace, and global supply chains. 

Sheikh Hasina, the Prime Minister of Bangladesh, will open the forum.

The Commonwealth Trade and Investment Forum is organised by CWEIC in partnership with the Bangladesh Investment Development Authority (BIDA), Bangladesh Ministry of Foreign Affairs, and ZI Foundation.

Mwebesa was invited to take part in a panel on ‘Attracting Investment, Commonwealth Expertise’ and will offer his expertise on positioning Uganda as a hotspot for inward investment. 

The Minister emphasised the significance of boosting Commonwealth trade, saying, “A substantial demographic of women and youth in Africa resides in rural areas, particularly within the agricultural sector.”

“Our primary objective should centre on fostering opportunities through trade, investment, and industrialisation to enhance their livelihoods, while simultaneously harnessing their potential for job creation and wealth generation,” he said.

Commonwealth countries, despite lacking formal trading bloc status, enjoy a significant trade advantage due to historical ties, similar administrative and legal systems, widespread use of the English language, and large diasporas, the organisers said. 

This translates into an average 21% reduction in bilateral trading costs, commonly referred to as the 'Commonwealth Advantage.'

Uganda has been pushing forward with Commonwealth engagement, and in February this year, President Yoweri Museveni hosted Lord Marland, Chairman of CWEIC, at the State House for discussions aimed at fostering closer cooperation with the Commonwealth.

In partnership with BTP Advisers, CWEIC also welcomed President Museveni to London in December 2022 for a morning of critical discussions revolving around Uganda's aspirations to attract more foreign investment and promote its primary export commodities. 

CWEIC operates across the Commonwealth to strengthen trade and investment links among its 56 member states. It works alongside around 150 business and government Strategic Partners to build connections and unlock investment opportunities and has relationships with globally recognised names such as Standard Chartered and BP. In Uganda, CWEIC counts the Madvhani Group and ALP East Africa among its Strategic Partners.