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UK is strengthening the economic partnerships with African nations

Posted on Sunday, February 2nd by

As the UK-Africa Investment Summit was taking place in London, UK Government encourages the massive UK investment in Africa.

International Development (DFID) and the Department for International Trade (DIT) will invest in clean energy supplies, digital networks, and jobs and business opportunities for women, as well as improving trade infrastructure.

During the UK-Africa Investment Summit, which took place on the 20th of January 2020, £6.5 billion of commercial deals have already been signed by British companies to deliver jobs, growth and investment across the UK and Africa, with deals worth billions more expected to be made during the day. Billions of pounds are expected to be invested in Africa's private sector, moving the trade between the UK and Africa to the next level. Africa hosts 8 of the world's 15 fastest-growing economies and represents the perfect investment target for the UK. 

DFID’s programmes, totalling £370 million, include:

-Helping African countries to meet their rapidly growing energy demands by using green energy, including better access to solar energy and electricity.
-Investing £45 million in Africa's digital development, helping young Africans, especially women, access the internet, develop digital skills and find jobs.
-Helping over 100,000 more women in Africa to obtain high-quality jobs by investing in their education and training.
-A £200 million investment in trade infrastructure in southern Africa. The new programme will also upgrade the border posts, ports and roads. It will also work with governments and businesses to improve trade policies.

So far, the UK has signed trade agreements with 11 African countries and are negotiating trade preference schemes with a further 35 African countries, aiming to build and develop existing agreements in the future.

Alok Sharma, the International Development Secretary has declared:
"Africa’s economic potential is huge, with eight of the world’s 15 fastest growing economies and a population set to double to over 2 billion by 2050.
We have much to offer African nations - UK aid is tackling climate change and supporting women entrepreneurs, our tech and digital expertise is helping Africa grow new industries and the City of London is channelling billions of private investment into Africa, boosting jobs and growth.
This Summit is a major step in unlocking the UK’s unique offer, becoming Africa’s investment partner of choice and benefiting people and businesses across the UK and Africa."

International Trade Secretary Liz Truss said:
"Trade with countries across Africa has never been more exciting. As opportunities there grow, it’s great to see so many British firms paving the way in trading and investing in the region to drive growth, create jobs and boost vital infrastructure.
We want the UK to be the investment partner of choice for African businesses and their governments. Our world-leading expertise in finance, tech, and innovation should make us the obvious choice and mark the UK and Africa out as natural partners for mutual prosperity.
The deals announced today show the massive potential of UK-Africa trade and the investment programmes we’re launching will ensure UK and African businesses are able to capitalise on trade and investment opportunities, now and in the future."

Source: GOV.UK

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