UK strategies investment approach, targets to become Africa’s largest investor: Emma Wade-Smith

On the sidelines of 2019 Africa CEO Forum that took place in Rwanda’s capital Kigali between March 24 and 26, the United Kingdom Trade Commissioner for Africa, Emma Wade-Smith told to The New Times in an exclusive interview that the UK is working towards the modification of its trade and investment approach to the African countries.

According to Emma Wade-Smith, the UK is on the track of engaging African nations on trade and investment for the past two years and throughout this process, the country has been highlighting its stance in Africa and reinvigorating the approach towards investing and trading with the continent, especially as it prepares to leave the European Union (EU).

“We want to focus increasingly on supporting income development and market access, particularly capital markets and other financial markets, which I know are key drivers for job creation and economic development,” Emma Wade-Smith said to The New Times on the sidelines of 2019 Africa CEO Forum.

She also said that Britain looks forward to becoming the largest investor in Africa. The trade investment by the UK currently stands at a little over 30 billion pounds that make it the second largest investor in Africa. “We have an ambition to become the largest G7 investor in Africa over the next three to four years. I am ambitious for what we can do and I see there are opportunities across a whole range of sectors,” she added.

She also revealed that the UK is committed to pumping out a gigantic amount of 8 billion pounds to strategically drive private sector inflow, and build confidence and trust. This commitment is ostensibly a way of changing the perception that the country’s private sector might not feel comfortable to invest in.

As far as the UK’s investment in Rwanda is concerned, the country was the largest investor as of 2018 with investments worth USD 203.1 million. Wade-Smith assured that the UK would bring more capabilities to compliment Rwanda’s economic priorities. “We see, for example, that productivity in the agriculture sector has been increasing and we have experience in that. It’s really much about matching up what Rwanda is doing,” she added.

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