UK Prime Minister Theresa May’s visit to Africa last week has seen the European country enter into economic deals worth over Sh38.8 billion with African nations. May together with UK’s international trade minister George Hollingbery came with a 29 business delegation that visited South Africa, Nigeria, and Kenya with the aim of promoting economic ties.
The deals will create about 3,000 jobs across the continent and offer UK companies an opportunity to boost trade with African nations.
May’s visit to Africa also positions the UK at an advantage in achieving its goal of becoming the largest G7 investor on the continent by 2022 before the Africa Investment Summit to be held in the UK in 2019.
“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. 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,” May said.
International Trade Minister George Hollingbery said: “I am delighted to have joined the Prime Minister on this visit showcasing the very best of the UK-Africa partnership and all that Global Britain has to offer in the region. 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 last year, and the Prime Minister has made it the UK’s ambition to be the largest G7 investor in Africa by 2022. It is hugely positive to see these new deals signalling that our strong trading relationship is continuing to go from strength to strength.”
The Outcomes of the Visit
May’s visit to Kenya saw the Prime Minister name Pauline Latham OBE, MP for Mid Derbyshire as the trade envoy to Kenya. Latham’s role will involve bolstering the existing ties between the two nations.
According to Africa Business Communities, May also said that an “agreement with the Southern African Customs Union and Mozambique means” that Kenya will be ready to “carry over the EU’s Economic Partnership Agreement as soon as the EU deal no longer applies to the UK.”
May also announced that the UK Export Finance has scaled its ability to support exports to eight more African countries and made an additional 5.5 billion Pounds accessible to the UK exporters and African buyers. The money will finance export deals and eventually increase the UK’s exports to Africa.
