Role of strategic philanthropy in the global trade discussed

Inayat-ur-Rahman, Business Editor

The roundtable explored the role of strategic philanthropy in streamlining trade processes, increasing impact and inclusivity, as well as building resilience across the global trade ecosystem, while focusing on engaging the Global South and less developed countries and leveraging philanthropic capital for advocacy and mitigation.

The discussion emphasised the need for more significant involvement of strategic philanthropy in the forthcoming stage of international work on trade policy and governance.

Addressing the leading experts from philanthropic organisations, trade bodies, government entities, civil society and the private sector, Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy, gave the opening remarks and highlighted the vital role governments can play in incorporating the philanthropy sector into trade discussions to create a more equitable and sustainable trade ecosystem. Juma Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy said: “For decades, there has been a global consensus that ‘trade, not aid’ was the best route to development; that simply opening up an economy for trade and investment was sufficient to boost growth. However, it’s clear the relationship between aid and trade is more complex and often complementary.

Targeted philanthropy can help support more localised capacity building that recognises individual market needs rather better than the blunt instrument of immediate market access. As we promote trade as a lever of opportunity, it’s vital the philanthropy sector is included in the conversation to ensure we’re not simply entrenching existing inequalities.”

Tushar Singhvi, Deputy CEO of Crescent Enterprises, a UAE-headquartered multinational diversified business, emphasised the importance of cross-sector cooperation to address the ever-growing inequity, environmental degradation, and lack of inclusivity, by engaging strategic philanthropy in global trade dialogues: “As global industries undergo paradigm shifts, it is a collective approach that will help us navigate the increasingly complex challenges and opportunities in a changing world. Our discussion today reflects a shared commitment to creating meaningful change that will help us create a more balanced international trade ecosystem.”

The UAE’s dedication to fostering dialogue is an inspirational model of how collaboration can enable us to identify transformative and timely solutions. It is by combining cross-industry expertise and perspectives that we will be able to enhance the role of strategic philanthropy in global trade, better mitigate potential risks and help pave the way to a more resilient, sustainable and inclusive future.”