Increasing support for UK businesses to trade with South Africa and Mozambique
The visit will help to further develop the good bilateral trade relationships with the South African and Mozambique governments, promoting mutually beneficial support for British investment in Africa.
In 2015 trade with Africa totalled £30.8 billion and the International Trade Secretary’s visit will build on the strong opportunities for trade between the UK and Africa.
Investment ties between the UK and Africa are growing with African investment into the UK increasing by 500% between 2005 and 2014, and British investment more than doubling over the same period, clearly indicating the rich range of opportunities available.
As part of the visit Dr Fox announced that UK Export Finance (UKEF), the UK’s export credit agency, will double support for trade with South Africa to up to £3.5 billion, meaning an additional £1.75 billion will be available for UK companies exporting to South Africa and for South African buyers of UK goods and services.
The International Trade Secretary also announced that UKEF are offering UK businesses wider access to government-backed overseas investment insurance (OII) which will protect UK businesses investing abroad.
The enhanced support comes as the Department for International Trade looks to encourage more UK companies to invest overseas, realising the opportunities presented by fast-growing developing economies around the world. ■