UK-African Investment Summit

Baroness Northover Excerpts

Thursday 18th April 2024 Lords Chamber

Asked by

[Baroness Northover]

To ask His Majesty’s Government why the UK-African Investment Summit scheduled for April has been postponed, and when they plan to hold it.

[The Minister of State, Department for Environment, Food and Rural Affairs, and Foreign, Commonwealth and Development Office (Lord Benyon) (Con)]

My Lords, the Government are committed to maximising the success of the next UK-African Investment Summit. The successful 2020 summit laid foundations for new partnerships between the UK and African nations, based on trade, investment, shared values and mutual interest. The Government are committed to building on that, ensuring attendance from Governments and British and African businesses eager to harness the benefits of our trading relationships. New dates will be announced in due course.

--- Later in debate ---

[Baroness Northover (LD)]

My Lords, I have heard the reasons why the summit was postponed. When this date was chosen, it was known that there were multiple elections this year, which was an excuse for why it was changed, and that there were other conferences around this time, particularly between Europe and Africa. Until recently, those plans were going ahead, and the Minister seems to imply that they still are. However, if the UK is indeed to engage fully with a continent of the future, which he indicates that he wishes to—obviously, the middle classes there are growing rapidly, and the EU, the US, Russia and China are fully engaged—then postponement, or, in effect, cancellation, does not really show the United Kingdom in the right light, does it?

[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.