The United Kingdom (UK) enjoys a robust trade and investment relationship with African countries. Africa is an important market for British exports as well as a source of raw materials and intermediary products essential for production
On the other hand, Africa has provided at least half of the world’s fastest growing economies since 2000 and offers significant opportunities which are untapped. The creation of an African Continental Free Trade Area (AfCFTA) provides British companies with the opportunity to expand their business on the continent, working closely with African businesses.
The strengthening of trade and investment relations between the UK and Africa at the business level is critical for the flourishing of trade and investment between the UK and African countries. However, the forging of such business links is hindered by the lack of information on trade and investment opportunities, mainly to help companies identify market and investment opportunities provided by UK-Africa trade and investment relations – making the lack of such information a huge barrier to trade and investment. Trade information is essential to the way businesses trade with each other. Generally, there is evidence of low utilisation of available tariff preferences or favourable tax rules by traders. As a result, businesses have not always effectively benefitted from negotiated market advantages. Besides, trade and investment rules and regulations often change requiring businesses to keep abreast of, and comply with, new requirements.
Increased trade and investment between African countries and the UK present significant opportunities for both UK and African businesses and producers of goods and services.
UK-Africa TI provides a useful platform for promoting trade and investment between the UK and African companies as well as offer consultancy services to companies seeking trade and investment opportunities in Africa and the UK through:
- a. facilitating trade and investment between the UK and Africa by providing a one-stop shop/ online platform for producers and traders to find each other and conduct business;
- providing detailed company information, including products produced, services offered and export, import and investment interests;
- providing up to date and timely information on market access, including tariffs and taxes and non-tariff requirements such as relevant health and safety standards for the entry of products, services regulations and investment rules and regulations in a specific market;
- making it easier for companies to link-up and participate in value chains and help them to reduce costs; assisting companies to diversify their exports and investments through facilitating tighter trade and investment links and matchmaking; and
- providing advice to the UK and African businesses on how to take advantage of markets and investment opportunities in Africa and the UK