President Paul Kagame has urged Commonwealth countries to strengthen investment partnerships and challenge perceptions that developing economies are too risky for investors, as leaders meet in Antigua and Barbuda to discuss ways of promoting trade and shared prosperity.
Speaking during a leaders’ discussion in St John’s on November 2, Kagame said investment was necessary to create jobs and equip young people with skills, but argued that changing attitudes towards risk was also essential.
“There are investments that have to be made for countries to develop, for young people to find jobs and get skills,” he said, according to the Commonwealth Secretariat.
Kagame said investment risks were present in both developing and wealthier economies. Rather than allowing perceptions of higher risk to discourage investment in the Global South, he called for greater cooperation and the pooling of resources to help manage potential losses.
His comments came as the Commonwealth Heads of Government Meeting (CHOGM) entered its programme of high-level discussions, with trade, investment and economic cooperation among the central issues.
Samoa’s Deputy Prime Minister, speaking during the discussion, emphasised the need for Commonwealth countries to make better use of their collective strengths to improve the lives of their citizens.
The summit’s theme, “Accelerating Partnerships and Investment for a Prosperous Commonwealth,” reflects the focus on using cooperation between governments, businesses and other partners to support economic development.
The Commonwealth brings together 56 countries across Africa, Asia, the Caribbean and the Pacific, as well as Europe. Its members have different economic circumstances, making investment partnerships and trade cooperation important areas for discussion.
The four-day meeting, running from November 1 to 4, includes heads of government, ministers and representatives from business, civil society and youth organisations. Discussions are expected to address how member countries can expand trade among themselves, attract investment and strengthen cooperation on common challenges.
