London Mayor Sadiq Khan to lead inaugural London-Africa Business Summit
London, United Kingdom - London Mayor Sadiq Khan has announced plans to host the first-ever mayoral London-Africa business summit next year, aiming to establish London as a prime global city for African businesses to expand and invest in. The summit, scheduled for 2026, is set to bring together entrepreneurs, investors, state officials, trade groups, and stock exchanges from across Africa.
The primary purpose of the summit is to establish London as a hub for African businesses, capitalising on Africa’s growing economic potential and London's position as a leading destination for African foreign direct investment. The event will be hosted at City Hall in London.
Key sectors of focus for the summit include Fintech, Creative Industries, Education, Sustainability, and General Trade and Investment. The rapid growth of Africa's tech ecosystem, which has increased by 40% since 2019, has made Fintech a major focus. London's strong arts and media sectors have led to an emphasis on Creative Industries. Education collaborations and exchanges are also a priority, while Sustainability focuses on green technologies and sustainable practices.
Sadiq Khan's trade mission, which included visits to Lagos in Nigeria, Accra in Ghana, Johannesburg and Cape Town in South Africa, underscores the importance of expanding ties with the African continent. London ranks as the second most popular destination globally outside Africa for foreign direct investment, trailing only Dubai.
London-based companies are eager to grow their business and access opportunities on the continent. According to an analysis by London & Partners, UK's bilateral trade with the African continent is expected to reach £62bn by 2030. The focus of the trade mission is on technology start-ups and business and financial services.
The summit aims to deepen trading ties with the African continent, leveraging London's strengths to attract new foreign investment and boost trade links across Africa. Sadiq Khan believes expanding ties with Africa is key to delivering international trade ambitions and creating thousands of good jobs in the next five years and beyond.
While the specific details of the trade agreements or deals made during the mission were not provided, the summit will bring together entrepreneurs, investors, state officials, trade groups, and stock exchanges from across the continent, offering ample opportunities for new partnerships and collaborations.
Sadiq Khan's London-Africa business summit is set to be a significant step in strengthening trade and investment ties between London and Africa, enhancing economic ties and creating jobs.
- To boost trade links across Africa and leverage London's position in fintech, politics, and finance, the London-Africa business summit will emphasize sectors such as fintech, focusing on Africa's rapidly growing tech ecosystem.
- The London-based businesses are eager to expand their reach on the continent, seeking opportunities in various industries like finance, business, creative industries, education, sustainability, and general trade, aiming to reach £62bn in UK's bilateral trade with the African continent by 2030.
