Earlier this week the UK hosted an event with a continent I feel could be the most significant new partnership we’d be fortunate enough to develop, particularly post Brexit.
On Monday, Africa came to London for the historic UK-Africa Investment Summit. Prime Minister Boris Johnson, his top advisors and Ministers met with other Heads of State of Government, politicians, business leaders and investors to work out a deservedly ambitious set of sustainable partnerships which could be truly transformative for both the UK and the countries of Africa politically, socially and economically, for generations to come.
The Summit marked the first time governments and businesses from the UK and Africa came together for an event of this scale, with 21 African nations represented including President Kenyatta of Kenya, President Museveni of Uganda, President Kagame of Rwanda and President Mutharika of Malawi.
Focus at the Summit concentrated on protecting the environment, promoting the health and economic development of the people of Africa and how together we can increase opportunities for investments and jobs in both nations. The event enabled us to showcase all the things that make Great Britain great; including our long established and trusted institutions, rule of law, financial services, as well as the jewel in our financial crown, our world-famous City of London as the gateway for capital and investment into Africa.
Speaking at the Summit, Prime Minister Boris Johnson made the case for the UK to become the ‘investment partner of choice’ for African countries. Deals worth billions of pounds were announced at the Summit. These will drive jobs and growth in all parts of the UK and in Africa, benefitting a range of British companies from family firms to major multinationals. All new investments will reflect the Prime Minister’s commitment to build long-term, sustainable relationships in Africa underpinned by our values and high standards.
Following on from the Summit, I hosted a roundtable business forum meeting with Prime Museveni and a large number of British companies investing in Uganda where we announced the forthcoming launch of the UK-Uganda Business Forum. The new Forum believes in creating new lasting partnerships that will benefit people and businesses across Uganda and the UK.
As like the rest of Africa, the future of Uganda is trade not aid. As the UK prepares to leave the European Union, the UK wants a closer trading partnership with African nations such as Uganda. I hope that this Forum will help UK businesses to seize new and exciting opportunities for investment and help Uganda get the investment they want.
Another privilege of the Summit for me was to speak with and meet President Kagame of Rwanda and President Tshisekedi of the Congo about further investment opportunities in Africa. It showed that the UK is open for trade and this Summit helped bring together British and African businesses so that we can harness the huge potential of the continent.
But without a doubt, my most rewarding moments of the whole gathering was seeing that where ever you looked and wherever you talked there was a buzz. An electrically charged current of excitement and enthusiasm for what could become ran through every conversation and discussion. Deals, relationships and friendships were forming and deepening. I have never been in a room so full warmth and potential.
That word, potential, for me, was the word of the Summit. I found myself saying it in all my conversations. If there was ever another country which embodied this word so completely, it is Africa. In the last few years, Africa has inspirationally realised her ‘potential’ so much that she is now dubbed the new economic frontier. According to the International Monetary Fund she is home to eight of the world’s 15 fastest growing economies. 4 of them are in the top 5. She has collectively tripled her GDP since 2000 at an annual rate of 4.6%, and by 2050 one in four global consumers will be from the Continent.
Furthermore, she is home to a third of the worlds natural resources and has some of the largest and most innovative cities in the world with no less than 60 of them having a population of over 1 million. It is a no brainer to understand why Britain plans to become the largest G7 investor in Africa by 2022.
That being said, it was clear from the Summit that our connection wasn’t only all about business. A deeper connection has always been there based on our countries shared entrepreneurial and aspirational spirit. Our peoples shared work ethic and morals. Our shared histories, cultures and of course, our shared and beloved Commonwealth. We are much more than business partners. We are friends and we are family.
I have always believed there is nowhere more of a natural home for the UK outside of our own borders, than in Africa. For many years as the Trade Envoy for Rwanda and Uganda I saw first hand how the African nations are thriving and working and growing. And how similar they are to us here in the UK. Our people share the same hearts and minds, drive and passion to work hard and make the future more comfortable than the past, that drive to help those less fortunate out of poverty and bring better lives, and education and environments to our communities collectively drive us all. It is these motivations and aspirations which made coming together this week so effortless.
The last few days for me have not been work, they have been a pleasure. As a British man and as an African, my heart is full of pride and anticipation for the successes which will grow and flourish from the plans we made at this UK-African Investment Summit. I know the ambitious vision for growth we set out with our African friends this week has no limits, not only in relation to the advancement of our economies, but also in answering some of the world’s wider social and sustainability questions. As this Summit week has drawn to a close, I know this is only the beginning of something great. Our countries have much work to get on with and I am already looking forward to the next UK-Africa Investment Summit where I know we will be celebrating all of the shared prosperity we will have achieved by then. The sky really is the limit.
