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‘UK is Africa’s investment partner of choice for Green Transition’ – International Trade Secretary
10:40 CAT | 27 Jan 2022
Image: Wikipedia
- UK hosted the second Africa Investment Conference with focus on sustainable investment to support continent’s transition to clean growth
- Government launched Growth Gateway tool to strengthen UK and African business relationships, following record £2.3bn support from UK Export Finance
- The Prime Minister Boris Johnson opened the virtual event on Thursday with a video address, and it was attended by UK and African ministers, business leaders and the Director-General of the WTO
The UK hosted the second Africa Investment Conference on January 20 to boost economic cooperation with African nations and enhance its role as the continent’s investment partner of choice for greener, climate-friendly projects.
Today our 2022 Africa Investment Conference kicks off.
Now is the time to invest in Africa and seize growing opportunities for UK businesses 🌍 #AIC2022 pic.twitter.com/JRF9tMtsXs
— Department for International Trade (@tradegovuk) January 20, 2022
Secretary of State for International Trade, Anne-Marie Trevelyan is hosting the one-day virtual event which aims to unlock millions of pounds of new investment, especially in clean energy industries in both the UK and across Africa.
During the Conference, the WTO Director General Dr Ngozi Okonjo-Iweala and the Trade Secretary said sustainable trade and investment are crucial for reducing global inequality, improving economies, raising incomes and creating jobs
International Trade Secretary Anne-Marie Trevelyan said:
“The continent has huge economic potential, and our continued partnership will help businesses capitalise on investment opportunities, supporting high value jobs and boost enterprise in every part of the UK.
“This year’s Conference focuses on the importance of resilient, sustainable investment to support Africa as it pivots towards a more environmentally-friendly growth trajectory, and I look forward to working with leaders from the continent as they continue on this path to a greener future.”
Following the UK’s hosting of COP26, this year’s conference explored how investment can serve to help Africa transition to a cleaner and greener growth trajectory.
The Director of the Ministry of Energy of Mozambique, Pascoal Bacela, participated in the event highlighting the investment opportunities in the energy sector and renewable energy in the country. His intervention showed the significant potential of Mozambique in the renewable resources sector, of up to 23 GW, with solar being the most abundant, followed by hydro, wind, and biomass and finally geothermal.
The companies Maragra Açucar, BNI, Standard Bank, UBA, Solar Century Africa, ABSA and many others also joined the conference virtually from Mozambique.
As a sign of the growing partnership between the two regions in the clean growth space, UK sustainable battery technology firm Aceleron has secured an investment deal with Mobility 54 Investment SAS, a subsidiary of Toyota Group, as part of its £5m Series A funding round to accelerate the development and use of sustainable batteries in Africa.Alongside the environmental benefits, increased trade and investment with developing countries creates opportunities for UK firms and consumers, for example lowering prices, and opening fast-growing markets for UK exporters.
To enhance UK-Africa partnerships, the UK launched a new Growth Gateway – a digital tool to link African and British businesses to UK Government trade, finance and investment services and opportunities.
The service provides practical online support to businesses in Africa that want to export to and invest in the UK, and businesses in the UK that want to export to and invest in Africa, backed up by a team of trade and investment specialists.
It follows an increased effort across government to facilitate UK-Africa trade, including that of UK Export Finance (UKEF). The UK’s export credit agency has significantly increased support for markets in Africa in the past year from approximately £600 million in 2018-19 to over £2.3 billion in 2020-21, supporting a range of infrastructure projects in countries from Côte d’Ivoire to Uganda.
- The clean growth theme of this year’s conference builds on the UK’s commitment to providing 11.6 bn of its International Climate Finance (ICF) to support developing countries respond to climate change over the next five years.
- Aceleron’s investment will accelerate Africa’s carbon-neutral ambitions by establishing a sustainable long-term battery power use. The reuse and rebuild of the batteries will support Africa’s contributions to a circular economy – a model of production and consumption based on reusing, refurbishing, and recycling existing materials and products for as long as possible.
- The firm has also received research and development support from the UK Foreign, Commonwealth and Development Office via the Transforming Energy Access platform in partnership with UK charity, Shell Foundation, and Innovate UK, to help develop Aceleron’s technology and business model in Africa.
- The Africa Investment Conference aligns with the UK’s aims to promote trade and investment as a driver of economic growth that can trigger positive changes in a country’s economy, helping to raise incomes, create jobs and lift people out of poverty.
- It is set to bring together over 4,300 registered delegates for a series of panel discussions and matchmaking opportunities, and represents the lasting legacy of the UK-Africa Investment Summit hosted in London by Prime Minister Boris Johnson in 2020, where 27 trade and investment deals worth £6.5bn and further commitments worth £8.9bn were announced.
- The Secretary of State will appear alongside a renowned cast of speakers including World Trade Organization Director-General Dr Ngozi Okonjo-Iweala, African Continental Free Trade Area (AfCFTA) Secretary General H. E. Wamkele Mene, Dr Vera Songwe, Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, United Nations, UK Minister for Investment Lord Grimstone, and UK Minister for Africa Vicky Ford MP.
Source: British High Commission Maputo / Media Release
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