UK-African Investment Summit

Baroness Hoey Excerpts

Thursday 18th April 2024 Lords Chamber

[Lord Benyon (Con)]

I thank my noble friend. There is the world’s largest free-trade area initiative, the African Continental Free Trade Area, with 54 signatures. There is abundant potential for renewable energy and resources critical to the economies and energies of the future. For example, the DRC has almost 70% of global cobalt resources, and will benefit from the investment that we have made in the Lobito corridor. My noble friend is right that it has to be a focus for government support to get businesses to trade. I am delighted to see a 6% increase in trade from the UK to Africa of £46 billion. That has been reflected in recent years and will continue in future years. This is an absolute priority for the UK Government. There are huge advantages, not least through our Commonwealth connections, and we want to build on those.

[Baroness Hoey (Non-Afl)]

I was in Ghana at the time as the trade envoy when this was announced, and I have to say to the Minister and His Majesty’s Government that there was huge disappointment and indeed a bit of anger that this happened and at such short notice, with no real reason being given. I still have not found a real reason why it was done. Other countries have elections coming this year, including Ghana. Will the Minister try to answer exactly what the noble Baroness, Lady Northover, was asking: why was it cancelled and who made the decision? Presumably it was Downing Street.

[Lord Benyon (Con)]

There has not been any suggestion that it is because elections are being held in any country. That was certainly not part of the communique at the time. This will be a major event involving up to 25 Heads of State and around 1,500 people, but it will not be the only show in town. There is continuous activity to increase the amount of trade from Britain and Africa and in reverse. We believe there is huge potential. We want to look to the future and make sure this event is a success and that the continuing activities we carry out will increase trade further between us.