Commonwealth women get £7m business boost
Theresa May to announce cash support to ‘overcome barriers’ in poorer Commonwealth countries
Theresa May is to announce that Commonwealth countries are to be given access to a £7million fund to help female entrepreneurs “overcome barriers” that stop them getting businesses off the ground. The Shetrades programme is aimed at helping women in the poorer nations.
COMMONWEALTH countries will be given access to a £7million 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 countries, which together account for one fifth of global trade, will discuss the issue when they gather in London this week for the biannual 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: “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, £20trillion 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.
Brexiteers have long suggested that the Commonwealth should be one of the key growth areas for international trade. 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 £490billion by 2020 according to the latest Commonwealth Trade Review.
Ministers say that this week alone, up to £1.5billion worth of contracts will be signed between UK and Commonwealth countries covering deals in healthcare, food and drink and digital. ♦ Downing Street has been criticised for turning down a formal request from Caribbean diplomats to discuss the immigration problems faced by some Windrush-generation British residents. Representatives of 12 Caribbean countries asked for a meeting with the prime minister to talk about some long-term UK residents being threatened with deportation or losing access to services, despite having arrived in the country as children.