Leeds is set to host the Trade and Investment Opportunities in the Commonwealth conference, a crucial event aimed at boosting international trade and investment in the wake of CHOGM 2024. As delegates from across the Commonwealth arrive, the conference highlights Leeds’ vibrant economy and cultural diversity, positioning the city as a key player in fostering collaborative growth and strengthening commercial ties.
What is the significance of the Commonwealth Trade and Investment Conference in Leeds?
The ‘Trade and Investment Opportunities in the Commonwealth’ conference in Leeds is pivotal for fostering international trade and investment within the Commonwealth, aligning with the UK’s economic relationships post-CHOGM 2024. It aims to enhance collaboration and economic growth by leveraging Leeds’ diverse economy, culture, and private-sector job creation.
Opening a New Chapter in International Trade
Leeds stands at the cusp of a significant moment in its commercial history. Tomorrow, the Lord Mayor of Leeds, Councillor Abigail Marshall Katung, will extend a warm reception to delegates arriving from diverse corners of the Commonwealth. They gather for the ‘Trade and Investment Opportunities in the Commonwealth’ conference, a prestigious event organized by the legal firm Womble Bond Dickinson in collaboration with Leeds City Council and the West Yorkshire Combined Authority.
This gathering will put the spotlight on a variety of speakers, such as Megan Wood, Trade Commissioner at the Canadian High Commissioner in London, and Dr. Olushola Kolawole, a respected academic at the University of Bradford’s School of Management. Zahid Jatoi, the Pakistani Consul General in Bradford, will partake in the dialogue alongside James Mason, the Chief Executive of West & North Yorkshire Chamber of Commerce. Represented groups include the Ethnic Minority Business and Policy Forum and British Friends of Pakistan, emphasizing the conference’s inclusive and comprehensive approach.
In her statement, Councillor Katung expressed excitement and anticipation, “It gives me the greatest pleasure to welcome our distinguished Commonwealth guests and partners to Leeds.” The conference aims to extend the UK’s commercial relationships within the Commonwealth, following the recent CHOGM 2024 outcomes, with a focus on the enhancement of future trade and investment.
Fostering Synergies for Inclusive Growth
The City of Leeds, renowned for its cultural diversity and vibrant economy, is poised to harness these attributes maximally. The event underscores the potential for collaboration between West Yorkshire and the Commonwealth. The Leeds Inclusive Growth Strategy aligns perfectly with the conference’s objectives, aspiring to an economy that truly works for everyone.
Councillor Jonathan Pryor, Deputy Leader of Leeds City Council and Executive Member for Economy, Transport, and Sustainable Development, remarked on the city’s distinct pride in its community diversity. He underscored the city’s commitment to fostering international trade and investment, “As one of the leading UK cities for private-sector job creation and business growth, we are thrilled about the conference’s potential to fortify international ties and catalyze economic benefits for all.”
The UK’s economic relationship with the Commonwealth is already significant, with annual exports amounting to £83 billion, representing 10% of the UK’s total export volume. There is an undeniable momentum for West Yorkshire businesses to explore and capitalize on this dynamic trade environment.
Building Connections for the Future
The event will serve as a conduit for attaining new heights in Commonwealth-West Yorkshire commerce, equipping businesses with knowledge about commercial openings in the Commonwealth, and accentuating the shared bonds in culture, education, and diasporic communities. Such connections are a testament to the region’s flourishing sectors like professional and financial services, advanced manufacturing, and digital technology. These sectors, as delineated in the UK’s Modern Industrial Strategy Green Paper, are pivotal for the nation’s growth.
The Lord Mayor of Leeds highlighted the city’s strengths, stating, “The strength of our city and a driver of its success is its diversity, vibrancy, and people. Forging closer links with our Commonwealth partners is a great opportunity to build on that diversity, create new ideas and investment opportunities and succeed together.”
West Yorkshire Trade and Investment Statistics
The economic exchange between West Yorkshire and Commonwealth nations is substantial. A glance at the trade statistics provides a clearer picture:
- India:
- Exports from 629 West Yorkshire businesses to India stand at £126 million, while imports from 963 businesses total £356 million.
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Services exported amount to £113 million, with imports from India at £134 million, culminating in a bilateral trade worth £729 million.
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Pakistan:
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Yorkshire and Humber exported over 5% of UK goods to Pakistan in 2023, valued at £23 million, and imported over 7% of Pakistan’s exports to the UK, valued at £111 million.
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Canada:
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In 2023, UK goods traded between Yorkshire and Humber and Canada amounted to £442 million in exports and £0.3 billion in imports.
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Nigeria:
- Yorkshire and Humber led the UK regional exporters to Nigeria, accounting for 45.5% of exports worth £661 million in 2023.
These figures exhibit the profound impact and potential for growth that such a conference epitomizes. With more details on international exchanges and business collaborations, visit the Leeds City Council Inclusive Growth Strategy.
For media inquiries regarding the conference and future trade developments, please contact the Leeds City Council communications and marketing team via email at communicationsteam@leeds.gov.uk or by phone at 0113 378 6007.
- Leeds will host the Trade and Investment Opportunities in the Commonwealth conference, aiming to promote international trade and investment post-CHOGM 2024.
- The event, organized by Womble Bond Dickinson and local authorities, will feature speakers from various sectors, including trade commissioners and business leaders.
- The conference highlights Leeds’ cultural diversity and vibrant economy, reinforcing its role in fostering international commercial relationships.
- West Yorkshire’s trade with Commonwealth countries is significant, with exports to India, Pakistan, Canada, and Nigeria totaling hundreds of millions of pounds.
- The conference seeks to create new ideas and investment opportunities, aligning with the Leeds Inclusive Growth Strategy’s goal of fostering an economy that benefits everyone.