PM’s Africa visit sees UK businesses secure £300m in export deals

Companies joining Prime Minister Theresa May in her business delegation to Africa this week have signed job-creating deals on the continent worth millions.

The Government said on Thursday (August 30) that the 29 firms on the trip, which took in South Africa, Nigeria and Kenya, came away with deals worth £300m.

It is estimated the agreements will generate around 3,000 jobs on the continent.

The PM led the delegation alongside International Trade Minister George Hollingbery.

For the Government, it represented the first step in a new ambition for the UK to become the largest G7 investor in Africa by 2022.

Research suggests that by 2050, one in four people – a quarter of the world’s consumers – will be African.

The Government’s export credit agency, UK Export Finance, has increased its ability to support exports to a further eight African markets.

It has also made an extra £5.5bn available to UK exporters and their African buyers to finance export deals, which were worth over £17bn last year.

Prime Minister Theresa May said: “The deals being announced today demonstrate the already close trade and investment links between the UK and African countries, and the potential that exists for other UK businesses to make the most of the growing opportunities on the continent.

“With a shared passion for entrepreneurship, technology and innovation, now is the time for UK companies to strengthen their partnerships with Africa to boost jobs and drive prosperity both at home and overseas.”

International Trade Minister George Hollingbery commented: “I am delighted to have joined the Prime Minister on this visit showcasing the very best of the UK-Africa partnership and all that Global Britain has to offer in the region.

“Our trade and investment ties with South Africa, Kenya, Nigeria are already substantial. Trade between the UK and Africa was worth more than £31bn last year, and the Prime Minister has made it the UK’s ambition to be the largest G7 investor in Africa by 2022.”

He added: “It is hugely positive to see these new deals signalling that our strong trading relationship is continuing to go from strength to strength.”