UK-African Investment Summit

Lord Howell of Guildford Excerpts

Thursday 18th April 2024 Lords Chamber

[Lord Benyon (Con)]

We are committed to this event, but it should not be seen as the only action we are taking. It is part of a continuous engagement with African businesses and with British businesses that want to trade more in Africa, and to build on the success of the recent past. She is right: by 2050, 2 billion people will live on that continent, half of them under 25. They will all want the kind of lifestyle that they see happening elsewhere, and we want to assist that through trade. The UK is the largest investor in African countries by investment stock. Direct investment flows from the UK to the continent were more than £2.4 billion in 2022, and we want to see the increases in bilateral trading continue in future years.

[Lord Howell of Guildford (Con)]

My Lords, will my noble friend bear in mind that an increasing number of African countries are showing an interest in association or involvement with the Commonwealth, including recently, I understand, the Kingdom of Morocco? Will he also bear in mind that, if we do not stay closely engaged, the Russians and the Chinese certainly will and are moving in all the time?

[Lord Benyon (Con)]

My noble friend is absolutely right. Using our contacts through the Commonwealth, we are seeing huge advantages for British companies and for greater prosperity in Africa. The UK has nine trade agreements with 18 countries in Africa, a combination of association agreements with north African markets and economic partnership agreements with sub-Saharan African countries. These include many Commonwealth countries, and we want to see that continue. The work of the Commonwealth investment organisation, which is supported by many noble Lords in this House, will continue to be a focus of trade in the future.