Ministers from across government met over 150 senior business leaders at the UK Prosperity Fund’s Business Forum on Wednesday 20 June, to discuss the vital role that business can play in increasing global prosperity.
The Forum of cross-sector business leaders at Lancaster House heard how the UK’s Prosperity Fund is helping tackle poverty in some of the world’s growing economies, whilst unlocking opportunities for business.
Around 70% of the world’s poor live in middle income countries. Despite recent advances, these countries continue to face persistent development challenges, trapping millions of people in poverty. At the same time these economies will account for nearly 60% of world GDP by 2030 and therefore present huge untapped potential for UK business and trade. Improving the trade and investment environment in these countries opens up opportunities for businesses to expand and discover new markets, and also helps poorer neighbouring countries access new economic opportunities.
DFID Minister of State for International Development, Lord Bates; the previous DIT Minister of State for Trade Policy, Greg Hands and FCO Minister of State for Asia and the Pacific, Mark Fields spoke at the event.
The UK has a lot to offer countries as they develop, and as a result is building new mutually beneficial partnerships with emerging economies. The UK is global leader in science, technology, medicine, energy, education and finance. As responsible international citizens the UK is sharing this knowledge to tackle global health risks, educate future populations, and strengthen business environments – contributing to a prosperous global economy.