Commonwealth Conference: Major sporting events can 'reinvigorate economies'

Countries and cities across the world will view bidding for major sporting events as a way of reinvigorating their economies in a post-pandemic world, delegates at a major trade conference heard.

And Birmingham 's hosting of the 2022 Commonwealth Games will “continue the cycle of expertise in the UK that can be shared internationally ”, according to a sports economy expert from the Department for International Trade.

Andrew Bacchus (pictured), head of the DIT 's sports economy team, was speaking at the inaugural Commonwealth Conference hosted by the Greater Birmingham Commonwealth Conference.

The online conference - broadcast to a global audience from Chamber House in Edgbaston - was part of Commonwealth Opportunities Week and featured participants from a host of Commonwealth countries including Australia, Pakistan, India, Canada and Sri Lanka.

With attention turning to the Commonwealth Games next year and the opportunities it will bring to the West Midlands, Mr Bacchus described how the DIT is helping UK companies capitalise on major sporting events such as the 2022 football World Cup in Qatar, the 2023 Rugby World Cup in France and the Paris 2024 Olympic Games.

He predicts the sports sector will outperform most national economies after the pandemic, which will in turn create opportunities for a range of sectors at home and overseas.

“Prior to Covid, the growth of new sporting events and the growth of bids for sporting events was increasing, ” said Mr Bacchus.

“While Covid is having an impact, we still see this as a growth area and many countries and cities are bidding for sporting events as a away of reinvigorating their market and as a way of creating a focus on their market.

“These sporting events also create a catalyst for additional investment in markets, with additional infrastructure - whether it be airports, railways and additional sporting activity.

“The seven-year lifecycle of these events also creates opportunities for a diverse range of sectors.

“There was a period where bidding for major sporting events wasn 't very attractive and I know the Commonwealth Games Federation sometimes struggled to secure countries to bid.

“But what we are seeing is changes not just with the Commonwealth Games Federation but the International Olympic Committee, trying to make it easier and cheaper for markets to bid.

“We 're also seeing an increasing look at cross-market bidding and collaborations - probably the best example is the football World Cup in the Americas where the US, Canada and Mexico will jointly host that in 2026.

“I think we will see a return post-Covid to what we were seeing previously, which is the sports sector outperforming national economies around the world. ”

Mr Bacchus says companies who secure business from Birmingham 2022 can use the experience as a catalyst to gain opportunities on the international stage.

He added: “It is fair to say the UK is one of the leading nations both in terms of hosting successfully, securely and in innovative ways, but then also transferring that knowledge of companies that gain experience and taking that international.

“If you look at the football World Cup in Qatar, UK architects have been incredibly successful, as have our engineering firms.

“Hosting events like the Commonwealth Games is really important because we will work with companies that secure business out of it and help them into international opportunities.

“It continues the cycle of expertise that is developed in the UK that can be developed internationally. ”

The conference was sponsored by Western Union Business Solutions and Intercity Technology.

DOING BUSINESS DOWN UNDER

Catherine Woo, chief executive of the Australia-British Chamber of Commerce, kicked off the conference 's first session, describing Australia 's diverse economy, bulging export market and the surge in consumer confidence experienced during the pandemic.

She advised British firms to tailor their approach to the Australian market, be clear when liaising with business partners in the country and utilise virtual networks to build relationships with partners Down Under.

Ms Woo said there are “exciting times ahead for the UK and Australia relationship ”, with talks ongoing about a Free Trade Agreement between the two nations.

ELECTRIC AMBITION

Rawalpindi Chamber of Commerce vice-president Shahraiz Ashraf Malik used his slot at the morning session to discuss the country 's ambitious plans to make in-roads into the electric vehicle market.

He said Pakistan aims to have the market share in electric vehicles by 2035.

INDIA INVESTMENT

The West Midlands Growth Company 's India Partnership Director Ghanshyam Nabar told delegates how India is one of the UK 's biggest job creators, with Indian firms employing more than 110,000 people.

He provided key advice on the cultural implications of trading with Indian firms.

GLOBAL GATEWAY

Sri Lanka 's strength as major global gateway was highlighted by Rohan Masakorala, CEO of Shippers ' Academy Sri Lanka.

He said Sri Lanka offers the best-connected port in South Asia and acts as a major portal for global manufacturing supply chains.

Mr Masakorala added that the nation had an advantage over many of its regional competitors by offering cheaper storage and distribution solutions.

COMPETITIVE EXPORTERS

British businesses were urged by Lawrence Jones, manager, Europe region at JamPro, to compete with others around the world in exporting their goods to Jamaica.

The Caribbean island imports most of the goods it consumes and the UK currently exports £120million in goods to Jamaica.

The country, Lawrence said, is also encouraging UK firms to utilise the island as a logistics and distribution hub to the Americas.

BULGING ECONOMY

Trade opportunities lie in tapping into Ghana 's expected huge economical growth, according to Adjoba Kyiamah, executive director at the UK-Ghana Chamber of Commerce.

The country 's economy is expected to bulge by 4.8 per cent in 2021.

Adjoba commented that although the Sub-Saharan African country is well-known for its cocoa and gold exports, business opportunities lie in its expanding infrastructure, digital and financial services.

NOT JUST A HOLIDAY DESTINATION

Despite being known as a top holiday destination for millions of British tourists, the tiny Mediterranean island of Malta is eager to work with British businesses in order to grow research and development, life sciences and aviation industry.

Malta has ramped up its technical and manufacturing industries in the past 20 years, and its businesses have since gone on to supply major corporations, such as Rolls Royce and Visa, with bigger plans to expand, according to Melanie Debattista, investment procurement manager at Malta Enterprise.

KEY TRADING PARTNER

Taylor Hladik, senior trade commissioner of the High Commission of Canada in the UK, stressed the importance of the trading relationship between the two nations.

The UK is Canada 's third largest import and export trading partner, and represented 22 per cent of all Canada 's trade with the EU market, before the UK left the union, Taylor said.

But, the country is looking to expand on the already 950 UK companies which have a base in Canada.

Taylor says that Canada offers access to billions of customers and 55 countries around the world.

Watch the conference again here.