The UK-Africa Investment Summit held in London on 20th January laid the foundation for new partnerships between the UK and African nations based on trade, investment, shared values and mutual interest. Billions of pounds of new commercial deals were announced, highlighting the strength of the UK’s offer and existing relationship with Africa.
Deals signed between UK companies and Uganda at the summit include a £185m export contract for Lagan Group to upgrade Kampala Industrial Business Park and a £80m deal for Nexus Green to export solar powered water pumping systems for irrigation in Uganda. Unatrac also won a £1.5m export contract to supply machinery for Ugandan roads.
The UK also announced new initiatives and funding, which will strengthen the joint trading relationship, and support African countries in their ambition to transform their economies. A major new partnership with the city of London was announced, along with a landmark new partnership with five African countries, including Uganda, to mobilise private sector investment in quality and, environmentally friendly infrastructure projects.
Taken together these projects and initiatives will help realise the UK’s ambition to be the investment partner of choice for Africa, will create hundreds of thousands of jobs and ensure mutual prosperity.
In total 27 deals worth over £6.5bn from across the African markets were signed at the Summit. The deals span a variety of sectors including infrastructure, energy, retail and technology, and will deliver high-quality investment, jobs and growth.
Secretary of State for International Trade, Liz Truss MP said:
“Africa represents a huge opportunity for UK businesses, so it’s brilliant to see so many British firms paving the way in trading and investing in the region today to drive growth, create jobs and boost vital infrastructure.
“We want the UK to be the investment partner of choice for African nations, and our world-leading expertise in finance, tech, and innovation, makes the UK and Africa natural partners for prosperity.
“The deals announced today show the massive potential of UK-Africa trade and the programs we’ve announced will be critical to ensuring UK and African businesses are able to capitalise on trade and investment opportunities, now and in the future.”
The diverse and fast-growing economies of Africa offer huge potential to UK business. Over £36 billion worth of trade is already happening between the UK and Africa. The deals today show how we are building on that to secure a lasting commercial partnership of mutual benefit.
The UK’s world-leading expertise on finance, technology, innovation, and our commitment to clean growth make the UK and Africa natural partners for prosperity’.