A year ago today, the British Government published an important White Paper on Trade and Investment (a White Paper in this context is a document presenting Governmental policy preferences, sometimes before legislation is introduced). Trade and investment are critical elements in the British Government’s strategy to promote growth in the UK and move us out of the economic doldrums. This is not a zero sum game.
As one of Africa’s fastest-growing economies, there is enormous potential for trade and investment in Ethiopia. With rising incomes; favourable demographics; and behavioural changes linked to urbanization, demand for a wide range of basic consumer goods is rising rapidly. Plans for massive public investment projects – roads, railways, power plants – should also create a huge import demand for raw materials and capital goods.
The British Government wants British businesses in suitable sectors to make the most of these emerging trade and investment opportunities. And we also want Ethiopians themselves to gain from such activities – the most sustainable forms of commerce are those that can be seen to benefit both sides.
I am confident that the UK can play a key role in the Ethiopian growth story and that a successful private sector can contribute directly to the country’s continuing development. Already some well-known British companies can tell good news stories resulting from their engagement in Ethiopia – Pittards, Diageo, Nyota Minerals, to name but a few.
The UK’s prosperity agenda is very much about partnerships that build growth in our own countries, as well as in the global economy.
As we mark the anniversary of that seminal White Paper, I feel sure that the policies reflected in it will help cement further the strong commercial partnership that is emerging between Ethiopia and the UK.