May vows UK would lead investment in Africa after Brexit
British Prime Minister Theresa May has vowed during a trip to South Africa that her country would be the leading investor from the developed world in the African continent after it leaves the European Union.
“By 2022, I want the UK to be the G7's number one investor in Africa, with Britain's private sector companies taking the lead,” May said Tuesday in a speech in Cape Town, her first stop in a tour of African nations.
May’s promise is part of her efforts to seek new trade partners for Britain after the country leaves the EU in March next year. The premier faces a tough challenge of securing a deal with the EU for the post-Brexit era or allowing her country to crash out of the bloc with no agreement to regulate trade and other issues.
Many fear the no-deal Brexit would leave the United Kingdom struggling to cope with its basic needs. May has dismissed those fears, saying her administration would seek new trade partners to mitigate consequences of EU withdrawal.
“I want to create a new partnership between the UK and our friends in Africa built around shared prosperity and shared security,” May said in her speech to south African business leaders, adding, “As prime minister of a trading nation whose success depends on global markets, I want to see strong African economies that British companies can do business with.”
May’s offer of huge investment in Africa come against the backdrop of accusations that British companies have been plundering energy and mineral resources in the continent. A report in late 2016 suggested that the British government had always used its power and influence to ensure these British mining companies have access to Africa’s raw materials. It said 101 companies listed on the London Stock Exchange (LSE) had controlled resources worth in excess of $1 trillion in Africa through involvement in mining activities.
However, to become Africa’s sole biggest investor, Britain faces a tough competition from China, a country not in the G7 group of seven industrialized nations which is rapidly expanding its investments schemes in various African countries.
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