Following October’s 2024 Commonwealth Heads of Government Meeting (CHOGM) in Samoa, 100 local business leaders and ambassadors from across the Commonwealth attended the Commonwealth Trade and Investment Conference.
Opening the event, held at Womble Bond Dickinson in Leeds, Councillor Abigail Marshall Katung, Lord Mayor of Leeds and a dual Nigerian-British citizen herself, emphasised West Yorkshire’s commercial, cultural and historical links to the Commonwealth.
The UK-Commonwealth trade relationship is valued at £164 billion, with the UK benefiting from a trade surplus of £14 billion.
During the event, experts spoke on the evolving trade, investment, and cultural exchanges between West Yorkshire and the four major commonwealth economies of India, Nigeria, Pakistan and Canada.
The sessions touched on themes of economic diversification, green energy transitions, technology and innovation, and the critical role of international collaboration in creating sustainable, future-oriented business.
India
Sharon Jandu OBE, founder of the Northern Powerhouse Ethnic Minority & Business Policy Forum, highlighted India's significance as a trade partner to West Yorkshire with a bilateral trade value totalling £729 million in goods and services. India is now the largest economy in the Commonwealth and the UK’s largest Commonwealth trade partner.
Sharon noted the major position India holds in the IT and pharmaceutical sectors, and further identified emerging opportunities for West Yorkshire businesses in artificial intelligence, Internet of Things (IoT), and software development.
She discussed the "Make in India" initiative, which promotes foreign investment in manufacturing and presents avenues for joint ventures in technology and renewable energy. The prospective UK-India FTA could elevate the strength of this relationship further.
Nigeria
Dr Olushola Kolawole, a lecturer at the University of Bradford and director of the African Business Association in Yorkshire, shared insights into Nigeria's vibrant economy. With a GDP of $430 billion and a growing population of 213 million, Nigeria represents the largest economy in Africa.
He emphasised Nigeria’s diverse sectors, including oil, agriculture, and a burgeoning tech startup ecosystem. With ongoing efforts to diversify beyond oil, Dr Kolawole spoke to how West Yorkshire could complement this process.
West Yorkshire’s institutional expertise in MedTech could aid Nigeria’s substantial growth in its healthcare market, currently valued at $18 billion. There are also opportunities to collaborate in automotive and aerospace advanced manufacturing sectors and a strong demand for professional services in banking, insurance and consulting.
In 2023, 45.5% of UK exports to Nigeria came from Yorkshire & Humber, at a value of £661 million.
Pakistan
Amjad Bashir, Director of the British Friends of Pakistan, emphasised the strong synergy Pakistan and the UK can foster by prioritising sustainable development and clean energy.
He identified how Pakistan aims to enhance energy security through the Indicative Generation Capacity Expansion Plan (IGCEP) which may be complimented by West Yorkshire’s expertise in green technologies.
Considering the challenges posed by the devastating 2022 floods, Bashir noted the country’s commitment to solar, wind, and hydro solutions and the opportunities this presents for West Yorkshire SMEs, especially in clean energy and infrastructure sectors.
With West Yorkshire home to a Pakistani diaspora which makes up 10% of the population, the region is well placed to build on its international connections.
Canada
Megan Wood, Trade Commissioner for Clean Technologies at the Canadian High Commission in London, discussed Canada’s clean tech sector, aligning with the UK’s green goals.
She noted how approximately 82% of Canada's and 84% of the UK’s populations were similarly urbanised, with both increasingly requiring energy-efficient buildings, designed with green building materials.
With Canada boasting over 3,000 LEED-certified buildings, there is immense potential to collaborate on smart city and green building initiatives.
She highlighted opportunities in renewable energy, energy storage, and zero-emission vehicles, pointing to Canada’s progressive policies that create a great environment for green businesses. There is potential collaboration in research and development, particularly in smart grid technology, ocean tech, and sustainable infrastructure projects.
Companies with an interest in exporting to new markets are encouraged to get in touch with the West Yorkshire Combined Authority and to take advantage of the support available including the West Yorkshire Business Boost programme which supports SMEs at any stage of their export journey.
