UK-African Investment Summit

Lord Collins of Highbury Excerpts

Thursday 18th April 2024 Lords Chamber

[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.

[Lord Collins of Highbury (Lab)]

The last summit was a great success and the initiative is a very positive one; it is certainly something that we should focus on. However, the Minister ignored the question about the damage that this cancellation is doing. We raised hopes, we engaged, we appointed a former ambassador 12 months ago, and we invested in sites for the conference. Media reports in Africa suggest that the Government are turning much more to domestic issues rather than delivering on these important international strategic objectives. What is the cost of this cancellation, and what impact does he believe it will have on our relationships with Africa?

[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.