Britain Announces Deals Worth Millions of Pounds with African Countries

Britain Announces Deals Worth Millions of Pounds with African Countries

By Abdi Ali
Published September 2, 2018

Britain has announced more than £300 million worth of deals for African countries that are expected to create an estimated 3 000 jobs on the continent.

The announcement was made during the visit of Prime Minister Theresa May and International Trade Minister George Hollingbery to Kenya, Nigeria and South Africa where they promoted economic ties with Africa.

Premier May has set out her country’s ambition to be the largest G7 investor in Africa by 2022, ahead of an Africa Investment Summit which will be held in Britain in 2019.

British Premier Theresa May dances in South Africa “The deals being announced today demonstrate the already close trade and investment links between the UK and African countries, and the potential that exists for other UK businesses to make the most of the growing opportunities on the continent,” May said. “With a shared passion for entrepreneurship, technology and innovation, now is the time for UK companies to strengthen their partnerships with Africa to boost jobs and drive prosperity both at home and overseas.”

While in Kenya, the Prime Minister appointed Pauline Latham OBE, MP for Mid Derbyshire, as the Prime Minister’s Trade Envoy to Kenya. Latham will work to build on the UK’s existing relationship with Kenya – maximising bilateral trade generating long-term benefits for both countries.

Prime Miniaster Theresa May of Britain dances with scouts and girlguides in Nairobi, Kenya

The Prime Minister also announced that an agreement with the Southern African Customs Union and Mozambique means Britain will be ready to carry over the European Union (EU)’s Economic Partnership Agreement as soon as the EU deal no longer applies to the United Kingdom. This represents the most advanced statement of progress yet of around 40 existing EU trade agreements that the UK is rolling over.

May has also announced that UK Export Finance has increased its ability to support exports to a further 8 markets across Africa and made an extra £5.5 billion available to UK exporters and their African buyers to finance export deals, in a move to grow British exports to Africa, which exceeded £17 billion in 2017.

George Hollingbery, Britain’s International Trade Minister, said, “Our trade and investment ties with South Africa, Kenya, Nigeria are already substantial. Trade between the UK and Africa was worth more than £31 billion [in 2017], and the Prime Minister has made it the UK’s ambition to be the largest G7 investor in Africa by 2022.”