The UK must maximise trading opportunities with African firms
What do you think when you think of Africa? If it doesn’t include thriving tech startups, some of the fastest growing economies in the world and a market of hundreds of millions of consumers, you’re thinking about the wrong place.
That’s why the government is today hosting the UK-Africa Investment Summit to bring together African and British businesses, investors and governments.
The UK is open for trade like never before, and we want to be the trading, finance and investment partner of choice for African nations.
Africa’s economic boom is happening now and is quickly gaining momentum. Last year, the continent was home to five of the 15 fastest-growing economies in the world. Now it is home to eight, and British businesses should have an active role in the region’s success.
This can’t be done by firms in isolation. It requires governments, business and individuals working together.
That’s why the government has re-doubled its efforts to enhance our trade relationships with emerging markets in the region.
In the last two years, government-backed export finance provided by UK Export Finance (UKEF) has secured close to £2bn of financing for British firms breaking into African markets.
In turn, our increased trade has opened new opportunities for African investors in the UK. Ambitious African businesses want increased access to the UK market and the City of London is already the top global exchange for African businesses.
Of course, there is more we can do. To maximise our trading potential, we need to ensure that firms that can trade do so, and that means making them aware of the full range of government support available.
That is what we will showcase to UK and African businesses alike at the UK-Africa Investment Summit.
As investment minister, I will speak directly to businesses on both sides of this relationship, showing them how the government can make trade and investment easy so they can seize opportunities in burgeoning African markets.
To African investors, I will say that they can access government-backed export finance in over 60 pre-approved local currencies when they buy from the UK.
I will outline new trade and investment services to provide business advice, match trading firms and help African countries export to the UK.
The work we do will help the UK be the natural partner of choice for African nations.
The initiatives we launch will safeguard trade and investment between the UK and Africa for the next decade, building partnerships which will reach into the future for years to come.
Graham Stuart is MP for Beverley and Holderness and minister for investment
Main image: Getty