A visit to Africa last week has led the U.K’s Prime Minister, Theresa May, to enter into economic deals with African nations.
With the aim of promoting economic ties, May visited South Africa, Nigeria and Kenya with the U.K’s International Trade Minister, George Hollingbery and a 29 business delegation.
The deals, worth over £300 million, were agreed upon within a variety of sectors and will create about 3,000 jobs across the African continent.
May’s visit to Africa also works favourably for the Prime Minister as the U.K. sets out be the largest G7 investor in Africa by 2022, ahead of an Africa Investment Summit which will be held in the UK next year.
Prime Minister Theresa May said, “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.”
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.”
In a move to grow British exports to Africa, which exceeded £17 billion last year, May made an extra £5.5 billion available to U.K. exporters and their African buyers to finance export deals.
She also announced that U.K. Export Finance has increased its ability to support exports to a further 8 markets across Africa.
The UK-Africa trade relationship is already worth more than £31 billion.