UK set to become world’s biggest investor in Africa as Theresa May lands in South Africa
The United Kingdom is set to overtake the United States to become the G7’s leading investor in Africa by 2022.
She is expected to pledge the UK support to Africa development, canvass for job creation to strengthen the economy and encourage UK Business leader to invest in Africa amidst growing investment influence from China.
This is her first visit to Africa and she is accompanied by business leaders, ministers, including the minister of international trade department’s George Hollingbery.
She is expected to say the private sector is key to driving growth in labour markets and ‘unleashing the entrepreneurial spirit’ in Africa.
According to data from the United Nations Conference on Trade and Development (UNCTAD), UK direct investment in Africa was 55 billion US dollars (£42.7 billion) in 2016 compared to 57 billion US dollars (£44.3 billion) from the US. France followed in third with 49 billion US dollars (£38 billion) and China fourth with 40 billion US dollars (£31 billion).
Mrs May according to Downing Street will outline her ambition for the UK to be the G7’s ‘number one investor in Africa’ by 2022, adding Britain’s private sector should invest the billions that will see ‘African economies growing by trillions’.