- The AIS 2024 will build on the £6.5 billion deals and £8.9 billion investment commitments achieved at the previous summit held in 2020.
- Around two billion people under 25 will live in Africa by 2050.
- 22% of Africa’s working-age population is starting businesses representing the highest entrepreneurship rate in the world.
The UK Prime Minister announced that London will host the African Investment Summit on 23rd-24th April 2024. This initiative aims to benefit Africa and the UK economies by tapping into Africa’s innovative and entrepreneurial minds.
The AIS is a prominent event hosting 24 Heads of State from African countries with British and African Business leaders.
The UK-African Investment summit in 2024
Africa has made significant economic and technological growth strides in the last decade. Today, Africa is renowned as an adequate investment opportunity for those seeking to make billions. The continent hosts seven startups that have attained the stats of a unicorn company. The sheer potential of startups in Africa has attracted potential investors from all over the globe. The AIS is a means to promote Africa’s trading industry further.
Prime Minister Rishi Sunak estimates that the African Investment Summit will build on the £6.5 billion deals and £8.9 billion investment commitments achieved at the previous summit held in 2020.
The summit will focus on the various focal points of Africa’s trading Industry. South Africa, Nigeria, and Egypt are among the few African countries that have made headlines for the past five years. Their efforts to ensure Africa’s economic growth have garnered prominent investors’ attention.
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A statement released upon its announcements states, “The African Investment Summit will build on the results gathered from the previous summit in 2020 and the virtual UK-African Investments conferences in 2021 and 2022.”
Sunak stated that by 2050 Africa’s Human Capital will be the most desired economic resource in the world. He estimated that around two billion people under 25 would live in Africa. This accounts for 70% of the world’s youth population.
In the last half a decade, Africa’s economy has proven its resilience and adaptability by consistently maintaining its size or expanding. In under two years, its ate expected to grow, and soon enough, Africa will have the means to compete with already developed continents.
Upon realizing this, the UK has sought to work with African countries to support them in mitigating and adapting to unforeseen effects. In addition to Human Capital, the UK also recognizes Africa’s abundant potential in renewable energy. Aside from its rapidly growing solar industry Africa has made significant strides in establishing nuclear plants within several countries.
The Prime minister realized that for the UK’s economy to grow, he must lay the groundwork for the future. To do so, he intends to create opportunities for growth and bolster the country’s economic security by deepening ties with Africa’s economy. The African Investment Summit will ensure this by deepening their relationship across Africa to benefit each other’s economy.
Laying the groundwork for success
For the longest time, many governments saw Africa only for its natural resources. At some point, our resources became more valuable than the people, turning Africa into the world’s supermarket. Fortunately, this all changed as Africa stepped into the limelight of technology. Soon it became clear that innovation and entrepreneurship in Africa were like no other.
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According to the Africa Development Bank, 22% of Africa’s working-age population is starting businesses, and this is the highest entrepreneurship rate in the world. This paints a vivid picture of the untapped potential hidden within AFrica’s economy. Several countries have acknowledged this and are steadily laying the groundwork to establish their organizations within Africa.
James Cleverly, Foreign, Commonwealth and Development Secretary, stated that Africa’s trading Industry has the potential to benefit itself and other partnering organizations. He noted that the UK’s trade and investment relations with African countries deliver significant mutual economic benefits.
This second African Investment Summit will build on already established success. Furthermore, affirm UK’s position as the leading investor in Africa. As a result, combining Africa’s strengths, innovation and entrepreneurship values with the UK’s parties can form a sustainable and long-term investment.
To further the goal of the African Investment Summit, the UK’s HM Revenue and Customs signed a Memorandum of Understanding with the Federal Inland Revenue Service. As a result, it will assist Nigeria in its attempts to increase its domestic resources. The MoU will help ensure that Multinational enterprises pay the right amount of Tax in Nigeria, further improving on set development plans.
The UK and Nigeria have confirmed their interest in pursuing a potential Enhanced Trade and Investment Partnership. This will eventually progress bilateral economic issues of mutual strategic importance.
