Sadiq Kahn hosted the first London-African Mayor’s Business Summit

Sadiq Khan has launched a plan to host the London-African Mayor’s Business Summit for the first time next year in an effort to deepen trade relations with the continent.

According to the Mayor, the Summit will unite entrepreneurs and investors, state officials, trading groups and stock exchanges from all continents, with the aim of promoting London as the best global city for African businesses to develop and invest.

This will focus on strengthening trade and investment relations in both directions for the main growth sector, including fintech, creative industry, education and sustainability.

British bilateral trade with the African continent is likely to reach £ 62 billion in 2030, according to analysis by London & Partners based on ONS and IMF data. The African technology ecosystem has grown 40 percent since 2019, and Lagos is considered as the top center of technology in the world.

Since 2013, London has become a 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 the tour

Khan has spent this week visiting the largest cities in the region including Lagos in Nigeria, ACCRA in Ghana, and Johannesburg and Cape Town in South Africa in an effort aimed at “Building a New Bridge with the African Continent to mutually beneficial”.

The Mayor of London also supports trade delegates from 27 companies based in London who want to develop their business and access opportunities on the continent.

“Whether it is a starting up technology or business and financial services, London is perfectly placed to benefit from African growth,” Khan said.

“Expanding relations with Africa will be the key to providing our international trade ambitions, creating thousands of good jobs in the next five years and so on.”

Read more: Sadiq Khan – Why I Lead the First Trading Mission to Africa by the Mayor of London