By Nasratu Kargbo
Sierra Leone and the United Kingdom have strengthened trade ties, after signing a Memorandum of Understanding (MOU) on Trade and Investment and launch of bilateral trade and investment forums between Sierra Leone and the United Kingdom.
Speaking on the 9th March 2023, the visiting United Kingdom Foreign Secretary James Cleverly stated that as a way to further strengthen trade ties, Sierra Leone will be part of the Africa Investment Summit (AIS) which will be held in London on the 23rd and the 24th of April of next year.
“I'm delighted that Sierra Leone will be among 24 African countries that the Prime Minister will be inviting to participate, and this summit will bring together heads of state and heads of government from 24 African countries with British and African business leaders”. He said the summit will unlock opportunities for growth in trade.
Cleverly said the summit will strengthen the UK -African partnerships by creating jobs and growth and supporting British and African talents in innovative sectors in areas like finance and technology.
He said they’ll be launching the UK New Developing Countries Trading Scheme, explaining that it will be one of the most advanced trade preference schemes in the world.
The Foreign Secretary said: “It will unlock exciting new international business opportunities in Sierra Leone and in 64 other countries around the world”.
He added that there are great opportunities for Sierra Leonean businesses, especially those trading in textiles and in palm oil.
He was quick to note that for both countries to fully benefit from the open trade, they should ensure they fully harness the amazing entrepreneurial spirit of businesses, exporters, and investors and the annual trade and investment forums between Sierra Leone and the UK.
He noted that the MOU is a great way to capitalize on business opportunities that will support job creation and economic development in both countries.
Cleverly said trade drives growth, prosperity, and development, noting that the MOU will enhance the joint trade and investment relationship between the UK and Sierra Leone and transform the relationship between the two countries.
Sierra Leone’s Minister of Foreign Affairs, Professor David J. Francis said: “We are looking forward to the next UK Africa trade Summit” and that Sierra Leone will leverage the opportunities.
He stated that the UK can help in changing perspectives and narratives from being dependent to engaging in trade and investment.
Prof. Francis said that Sierra Leone is the new Eldorado, frontier for trade and investment, emphasizing that there are enormous opportunities for investment in mining, energy, health, tourism, and agriculture.
He said the UK has been supportive of Sierra Leone during difficult times, contributing massively to the country’s development.
He said the government has created a conducive environment by establishing the enabling environment for the ease of doing business.
Copyright © 2023 Politico (10/3/23)
