Britain to increase investment into Africa

Britain vowed on Sunday to increase its level investment into the African continent.

High Commissioner to Kenya Nic Hailey told an investment conference in Nairobi that there is excitement about doing business in Africa by British investors.

"When you talk to people in London which is the world's investment hub, there is a lot of interest in coming to Africa," Hailey said during the World Bank Ease of Doing Business Conference.

Hailey said that interest in Africa is not limited to commodities which are key exports from the continent. "It is now about investments in agro-processing, information technology and manufacturing that will create jobs for Africans," he said.

He noted the slump in the price of commodities is posing a challenge to the growth of African economies.

"However, it also provides an opportunity for African countries to diversify their economies and well as promote large scale industrialization," he said.

The British envoy noted that Africa has achieved a lot of progress on improving the ease of doing business. "This will help to make the continent more attractive to both domestic and foreign investors," he said.

He added that some African countries such as Kenya are leading in innovations. "Kenyans are now designing technology that will have a global impact," he said.

According to the envoy, London has set aside 25 million U.S. dollars to help improve the investment climate in Kenya. The funds will also help the private sector flourish and create more jobs. Endit