January 20/2020 A high level Ethiopian delegation led by Deputy Prime Minister, Demeke Mekonnen and several African leaders are participating in the UK-Africa Investment Summit, which kicked off today in London.
Following the London Summit, the Ethiopian delegation will head to Davos, Switzerland for 50th annual meeting of the World Economic Forum (WEF).
The summit aimed at boosting economic diplomacy and UK’s private sector investment in Africa, is a major shift in the United Kingdom’s relationship with African countries.
The summit is also part of UK’s ambitious push for influence and business in Africa expected to reveal a new strategy for development in the continent.
The new strategy will focus mainly on infrastructure and trade relations with Africa.
It is to be recalled that in 2017, the UK Government created a pan-African trade team led by Trade Commissioner for Africa, Emma Wade-Smith with the ambition of helping UK companies large and small access markets across the continent.
As part of the move a high-level investors and businesses delegation of Invest Africa has been exploring investment opportunities in Ethiopia from 3rd-5th December 2019.
British Prime Minister’s Trade Envoy to Ethiopia, Jeremy Lefroy said during the visit that “Ethiopia is full of opportunity; I am delighted to be joining Invest Africa’s Investor Mission to Addis Ababa as we continue to deepen the trade and investment links between the UK and Ethiopia.”
Invest Africa, with a global footprint of more than 400 member companies, is a leading pan-African business platform that promotes trade and investment in Africa, conceivably working to discharge UK’s strategy in Africa.
UK companies have already inked deals worth more than 7.8 billion USD, with more expected during the summit, which will help to boost up UK’s investment in Africa.
The Forum will be held from 20-24 January and brings together the world’s top leaders from politics, business, civil society, academia, media and the arts.