President Uhuru Kenyatta will on Monday, attend the UK-Africa Investment Summit in London.
The first ever summit will be hosted by British Prime Minister Boris Johnson.
The crucial meeting marks a major milestone in the UK’s push to become the largest investor in Africa.
Bilateral meetings
The event will bring together at least 20 African Heads of State, business leaders and their international counterparts as well as Ambassadors and High Commissioners in the UK.
President Kenyatta will hold bilateral and multilateral meetings that will galvanise support for Kenya’s Big 4 Agenda.
The ultimate objective of the President’s engagements in London is to stimulate initiatives that will boost Kenya’s economic growth and accelerate job creation to Kenyans.
The launch of the Green Bond at the London Securities Exchange (LSE) by President Kenyatta is one of the highlights during the summit.
This event esteems Kenya among her peers trading on the Green Bond on the LSE.
President Kenyatta is also expected to meet with the Duke and Duchess of Cambridge, Prince William and Kate Middleton, at the Buckingham Palace on behalf of Her Majesty The Queen.
The meeting between the President and the Duke of Cambridge will focus on wildlife conversation, especially the ongoing global war against illegal poaching of elephants and rhinos in Africa.
As a business and economic hub in East Africa, Kenya hopes to spearhead the transition to a comprehensive Kenya-UK trade agreement by June 2021.
This agreement is fashioned in line with the operationally applicable and development-friendly World Trade Organization (WTO) requirements.
The agreement is expected to facilitate increased bilateral trade flows between Kenya and the UK.
The UK is a major destination for Kenyan exports and a crucial source of Foreign Direct investment (FDI).
The summit seeks to bolster trade and investment ties between Kenya and the UK post-BREXIT era.
Trade
Official records show that already more than 220 British companies worth more than 3 billion pounds operate in Kenya including the East African Breweries parent company, Diageo, and Tullow Oil.
At the continental level, the UK’s presence is visible. According to the UK Trade Commissioner for Africa, Emma De-Smith, 36 billion pounds worth of trade is already happening between the continent and the UK.
“The opportunities are growing across the continent where we see some of the fastest-growing economies over a number of years. Seeing these economies diverse and mature, it means new sectors are opening up, including sectors where the UK has a lot of experience and expertise. We think that this makes it ripe for partnership,” she says.
The summit is also expected to create new alliances and collaborations in a bid to revive and steer more investment opportunities between African countries and the UK.
Technology
Key areas of focus during the summit include Renewable Energy, Education, Infrastructure, Finance, Trade, Affordable Housing and Environment.
The UK-Africa Investment Summit also seeks to secure funds for domestic agriculture, manufacturing and technology, as well as creating employment opportunities for the mutual benefit of the citizens of the UK and the participating African countries.
The high-profile event will showcase the quality and scale of the UK’s investment potential for Africa and accord African countries an opportunity to outline areas of investment open to the UK.
The World Bank, African Development Bank and the IMF are some of the invited organisations that will exhibit their portfolios and launch initiatives to support more investment in Africa.
According to Kenya’s High Commissioner to the UK, Ambassador Manoah Esipisu, the UK-Africa Summit will present prospects for Heads of States from across Africa to engage with the UK.
This is a grand moment for the UK to negotiate and revive its economic relationships with Africa, create a lasting partnership for a better future for all, post-Brexit.
Financial systems
“We are particularly interested in a strong financial partnership between Kenya and the City of London to enhance Nairobi’s position as the financial service hub of the East African region with particular focus on developing green finance and Fintech friendly financial solutions,” he said.
Kenya’s strong attributes in the African continent include its innovative financial systems such as the legendary mobile money transfer, M-pesa.
Dr. Manu Chandaria, Equity Bank’s CEO Dr. James Mwangi, Bidco CEO Vimal Shah, Nairobi Securities Exchange CEO Jeff Odundo and Kenya Private Sector Alliance Chairman Nick Nesbitt, are among some of the expected private sector players.
Algeria, Angola, Cote d’Ivoire, Egypt, Ethiopia, Nigeria, Ghana, Mauritania and Malawi are some of the countries invited to the Summit.
