Growth Gateway will make it easier than ever for African and UK businesses to access the support they need to drive two-way trade and investment
The UK will host the second Africa Investment Conference with a focus on sustainable investment to support the continent’s transition to clean growth; Government launches Growth Gateway tool to strengthen UK-Africa trade relations, following record £2.3bn support from UK Export Finance; Video address by Prime Minister Boris Johnson to open the virtual event attended by ministers, business leaders and the Director General of the WTO from the UK and Africa
The UK is hosting the second Africa Investment Conference today (20 January 2022) to boost economic cooperation with African nations and enhance its role as the continent’s investment partner of choice for greener, climate-friendly projects. .
Secretary of State for International Trade Anne-Marie Trevelyan is hosting the one-day virtual event which aims to unlock millions of pounds of new investment, especially in clean energy industries both in the UK and across Africa.
In a ‘virtual fireside chat’ with WTO Director-General Dr. Ngozi Okonjo-Iweala, the Commerce Secretary will say that sustainable trade and investment are crucial to reducing global inequality, improving economies, increase income and create jobs.
International Trade Secretary Anne-Marie Trevelyan said: “Two years after the inaugural UK-Africa Investment Summit, the UK‘s ambition to be Africa’s investment partner of choice has never been stronger.”
“The continent has enormous economic potential and our continued partnership will help businesses capitalize on investment opportunities, support high-value jobs and boost business in all parts of the UK.”
“This year’s conference focuses on the importance of resilient and sustainable investment to support Africa as it moves onto a more environmentally friendly growth trajectory, and I look forward to working with the continent’s leaders as they continue to this path to a greener future”.
In a sign of the growing partnership between the two regions in the clean growth space, UK sustainable battery technology company Aceleron has closed an investment agreement with Mobility 54 Investment SAS, a subsidiary of Toyota Group, as part of its £5m Series A funding round. to accelerate the development and use of sustainable batteries in Africa.
Along with the environmental benefits, increased trade and investment with developing countries creates opportunities for UK businesses and consumers, for example by lowering prices and opening fast-growing markets for UK exporters. United.
To enhance partnerships between the UK and Africa, the UK is today launching a new Growth Gateway, a digital tool to link African and UK businesses with UK government trade, finance and investment opportunities and services.
The service provides hands-on online support to businesses in Africa looking to export to and invest in the UK, and businesses in the UK looking to export to and invest in Africa, supported by a team of trade and investment specialists.
A further government-wide effort to facilitate trade between the UK and Africa follows, including by UK Export Finance (UKEF). The UK export credit agency significantly increased support for markets in Africa over the past year from around £600m in 2018-19 to more than £2.3bn in 2020-21, supporting a range of infrastructure projects in countries from Côte d’Ivoire to Uganda.
“This year’s Conference is a key part of that legacy, bringing our business communities together to champion a closer investment partnership with a renewed focus on sustainability and clean growth.”
Minister for Africa Vicky Ford said: “The UK is deepening our economic ties with countries in Africa. This conference is a fantastic opportunity to bring British and African companies together to unlock millions of pounds of new investment, especially in clean energy industries both in the UK and across Africa.”
“There is much more that the UK and African countries can do together. Growth Gateway will make it easier than ever for African and UK businesses to access the support they need to drive both-way trade and investment.”
Last year’s virtual conference was attended by over 2,800 delegates from over 40 African countries and across the UK.
“By attending, we had a much better understanding of the support mechanisms and points of contact that we can use to develop our business in Africa.”
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