Theresa May creates Commonwealth fund to get women into business
Commonwealth countries will be given access to a £7 million fund to help female entrepreneurs “overcome barriers” that stop them getting businesses off the ground, Theresa May will announce today.
The SheTrades programme is aimed at helping women in poorer Commonwealth countries where being female still stands in the way of accessing funds.
The heads of the 53 Commonwealth countries, which together account for one fifth of global trade, will discuss the issue when they gather in London this week for the bi-annual Commonwealth Heads of Government Meeting (CHOGM).
Mrs May believes the Commonwealth holds “vast potential” for future growth, both in terms of individual economies and trade with Britain.
Writing in today’s Daily Telegraph, Penny Mordaunt, the International Development Secretary, and Liam Fox, the International Trade Secretary, say that: “We must ensure that no one is left behind – that the potential contribution of women and girls is realised – if we are to achieve sustainable growth that is genuinely inclusive and reaches all corners of societies.”
Current estimates suggest that if women played an equal role to men in worldwide labour markets, £20 trillion could be added to global GDP in the next seven years - an increase of around 25 per cent on current global wealth.
Sixty per cent of Commonwealth citizens are under 30, but youth unemployment is widespread, meaning the Commonwealth’s young people are another huge resource going to waste.
They will benefit from a new £3.4million apprenticeship and training programme which will help promote and share best practice across the Commonwealth.
Brexiteers have long suggested that the Commonwealth should be one of the key growth areas for international trade when Britain leaves the European Union next year.
Ministers will press home the point that economic growth not only reduces poverty in individual countries but also benefits third party countries through increased trade.
The Government wants to help countries move from “aid to trade” and will use CHOGM to help other countries build up their economies.
Trade between Commonwealth countries, which currently stands at £393 billion, is projected to rise to £490 billion by 2020 according to the latest Commonwealth Trade Review.
Ministers say that this week alone, up to £1.5 billion worth of contracts will be signed between UK and Commonwealth countries covering deals in healthcare, food and drink and digital.
In a speech to mark the opening of CHOGM today, Mrs May will say: “Our Commonwealth family already accounts for one-fifth of global trade, and we must continue to work together to build further upon this solid foundation by building on our existing trade links and establishing new ones.
“I firmly believe that regardless of which corner of the Commonwealth you are from, we all will benefit from the jobs created by doing so. Every one of those new jobs will mean another family seeing their hard work rewarded, and the spread of greater opportunity.
“In taking decisive action today, we have begun a positive change which will echo through the generations. I am also proud that important action taken at this summit will mean that more women will be able to overcome barriers which keep them from participating in trade.”
