UK-African Investment Summit

Earl of Effingham Excerpts

Thursday 18th April 2024 Lords Chamber

[Lord Benyon (Con)]

I have to say that has not been my experience when I have been travelling in Africa. Last week I was in Angola, where I saw a £440 million UKEF investment unlocking an extraordinary corridor of prosperity from the port of Lobito into the DRC and Zambia. It is that kind of investment that we want, and we can continue to do that with or without an African investment summit. Still, we want to have that summit and we will announce a date shortly.

[The Earl of Effingham (Con)]

My Lords, Africa currently represents 2.8% of global GDP but a material 19% of the world’s population. Only 2.1% of imports to Africa originate from the UK. In addition to the summit, what will the Government do to focus on promoting UK exports to the region in line with its expected GDP growth?

[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.