AS Britain counts down the last few minutes to its final departure from the European Union, a plethora of new opportunities with regards to direct investment and business are presenting itself to Africa.
When the clock strikes one (local time) the United Kingdom’s membership to the Europian Union will come to and after 47 years.
British Prime Minister Boris Johnson skipped this year’s World Economic Forum in Davos to focus on finalising Brexit. Instead, Johnson hosted more than a dozen African heads of state at the UK-Africa Investment Summit in London. Deals worth nearly eight billion Pounds were announced and the message was clear, Britain is ready to do business with Africa.
With Brexit the United Kingdom is redefining itself as a new player on the market and the country will look at increasing its trade partnership with African countries in particular. The UK has no qualms with showing that it’s focusing on its future outside the EU bloc.
The UK is one of the world’s largest economies, and the EU’s second biggest, after Germany and Brexit will create a new partner for Africa.
African countries as the main recipients of official EU development assistance, could potentially feel the impact of Brexit on the EU development budget.
However, the message at the UK-Africa Investment Summit was that the UK wants to be the African continent’s investment partner of choice.
The shift away from current investment and development deals is slated to present even more opportunities for Africa as the stronger European economies like Germany and France would also be reassessing their current status quo with their Aafrican partners in trade.