In recent financial news, a group from London has arrived in Africa to explore investment and business opportunities. The group, led by Michael Bear who is the Lord Mayor in the city of London, is looking for investments in energy, rail, tourism, travel and other avenues. They have the goal of partnering with Nairobi in many financial areas.
This visit is historic in that it’s the first delegation of its sort to come from the UK since 1974. As Mr. Bear said, “I want you to see the UK and City of London as your partners of choice.”
The UK is, perhaps, feeling encroached upon as Africa looks to China more frequently as a strong investment partner. The government has been shifted its financial focus to China since President Mwai Kibaki came to power. The UK, however, is still one of Africa’s leading foreign investors.
And it appears that UK leaders are trying to keep that advantage in place. Mr. Bear impressed upon the Kenyan companies that they should turn to London when they need capital. As Mr. Bear said, “London has enjoyed competitive advantage in the financial sector over other markets and we are willing to share the information with Kenya.”