In the opening session of the UK’s African Investment Conference on the Internet today, the Cameroonian economist lamented that British foreign direct investment in Africa has been “disappointingly low”, accounting for 3% of total FDI in Africa since 2009.
“It is not stable and will not contribute to a strong UK-Africa relationship,” he said, adding that the African Continental Free Trade Area (AfCFTA) represents twice as much British investment. 6% of total foreign direct investment in Africa. By 2027
Songwe spoke after Boris Johnson said the UK was already “one of Africa’s largest trading partners” with nine countries and trade agreements signed with AfCFTA.
Of the approximately மில்லியன் 600 million (720 720 million) between 2018-2019, the country has invested more than the target of 200 2,200 million (6 2,640 million) in 2020-2021, “despite the unprecedented turmoil caused by the epidemic”. CDC Group, British Government Financial Institution for Development.
Supports renewable energy projects in South Africa, Egypt and Nigeria.
The British Prime Minister supported that “the Green Industrial Revolution will save humanity from catastrophic climate change” and that the country hosting the COP26 Climate Summit wants to be an “electoral ally” in the region.
But Vera Sangwe recommends investing in Africa beyond renewable energies such as pharmaceuticals, agriculture and food processing, transportation and natural gas.
“Africa has huge, large gas reserves. We expect not only large investments, but also small investments to support energy supply. (…) I think increasing this type of investment on the continent will move us beyond 3.% to 6% very quickly,” He said.
This is the second UK investment conference to be held in Africa, organized to “enhance economic cooperation with African countries and strengthen the continent’s role as an investment partner for green and climate friendly projects.”
More than 4,000 participants from Mozambique and Angola have registered to attend group discussions and access networking opportunities.
The first UK investment summit in Africa took place in London in 2020, before the Kovit-19 epidemic, where Mozambican President Philippe Nuci was present.
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