Muscat calls for realization of the Commonwealth's business potential

Prime minister Joseph Muscat has called on other members of the Commonwealth to realize the business potential of organization.

Speaking at the Commonwealth Business Forum 2015 in London earlier this week, Muscat said that outside observers are often more enthusiastic about the Commonwealth’s potential than its members, particularly in relation to the opportunities it offers in terms of economic growth in a financial climate still recovering from crisis.

“This association of 53 states spread over all continents, with a combined area of almost 30 million square kilometres, just about 25 % of the Earth’s area, and almost a third of the Earth’s population, presents its members with potential reciprocal business opportunities that are to date nowhere near optimally translated into actual business,” he said.

“We pride ourselves of the fact that in 2014 the Commonwealth produced 17% of the gross world product in terms of purchasing power parity. Bear in mind that this is also an indication of the gap between what the Commonwealth produces and the much more that it could produce.”

He held up Malta’s economy as an example of the benefits of exploiting business opportunities, wherever they may be.

“In the third quarter of last year we had a growth rate of 3.8%, triple that of the EU average. In fact this was the second highest growth rate in the European Union. In other words we are doing better than most other European Union countries,” he said.

“We believe that we can be a highly competitive European platform for enterprises from Commonwealth countries, either in the form of joint ventures with Maltese companies or as 100% foreign owned enterprises.”

Muscat rounded off his speech by encouraging cooperation both between members of the Commonwealth and between member countries and entrepreneurs outside the organization.

"I am especially confident that the 2015 Commonwealth Business Forum, which is being co-organised by the Commonwealth Economic and Investment Council and the government of Malta, will score important successes in this regard.”