Sadiq Khan to host first-ever mayoral London-Africa business summit
Sadiq Khan has unveiled plans to host the first-ever mayoral London-Africa business summit next year in a bid to deepen trading ties with the continent.
According to the mayor, the summit will bring together entrepreneurs and investors, state officials, trade groups and stock exchanges from across the continent, with the aim of promoting London as the best global city for African businesses to expand and invest in.
It will focus on strengthening trade and investment links in both directions for key growth sectors, including fintech, creative industries, education and sustainability.
The UK’s bilateral trade with the African continent is likely to reach £62bn by 2030, according to an analysis by London & Partners based on ONS and IMF data. Africa’s tech ecosystem has grown 40 per cent since 2019, and Lagos is considered to be the world’s top emerging tech hub.
Since 2013, London has been the leading destination city for African foreign direct investment in Europe and the US with 72 projects, and ranks as the second most popular destination globally outside Africa — behind only Dubai.
Khan on tour
Khan has spent the week visiting the region’s biggest cities including Lagos in Nigeria, Accra in Ghana, and Johannesburg and Cape Town in South Africa in an effort aimed at “building new bridges with the African continent for our mutual benefit”.
The London mayor also supported a trade delegation of 27 London-based companies that are looking to grow their business and access opportunities on the continent.
“Whether it’s their tech start ups or business and financial services, London is perfectly placed to benefit from Africa’s growth,” Khan said.
“Expanding ties with Africa will be key to delivering our international trade ambitions, creating thousands of good jobs in the next five years and beyond.”
Read more: Sadiq Khan – Why I’m leading the first trade mission to Africa by a London Mayor