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Sunday, 11 April 2021

UK to host Africa Investment Conference after Brexit

Earlier this month, Egypt and the UK signed a new trade agreement that will come into effect as of 1 January 2021 after the UK leaves the EU.

Ahram Online , Sunday 20 Dec 2020
Gerry Grimstone
UK Minister for Investment Gerry Grimstone (Photo courtesy of UK government)
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The United Kingdom will host the Africa Investment Conference in January, as new trade agreements come into force with 14 African countries after Brexit.

According to a press release by the British Embassy in Cairo, the one-day virtual event, held on 20 January, will explore opportunities for partnership and investment between the UK and African partners.

“Despite the current global economic context, the UK’s ambition to be Africa’s investment partner of choice has never been stronger. Growing investment relationships will be central in helping economies recover and build back better from the disruption caused by Coronavirus,” UK Minister for Investment Gerry Grimstone said.

The conference will also explore “how inclusive, sustainable and resilient investment can serve to help countries across the continent transition to a cleaner, greener economy and support recovery from the impact of coronavirus”.

It will focus on four key sectors of activity, including sustainable infrastructure, renewable energy, financial and professional services and agriculture and agri-tech.

“The development of the UK’s new trade arrangements alongside Africa’s own Continental Free Trade Agreement can unleash new opportunities for African and UK businesses,” it said.

The conference comes one year after the UK-Africa Investment Summit hosted in London by Prime Minister Boris Johnson last year saw 27 trade and investment deals worth £6.5 billion and commitments worth £8.9 billion announced.

Egypt received over 20% of the new investments, according to the statement.

Earlier this month, Egypt and the UK signed a new trade agreement that will come into effect as of 1 January 2021 after the UK leaves the European Union. 

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