Richard Moir Calls for Greater African-Led Trade Research and Indigenous Insurance at UK-Africa Summit

London, September 15, 2024 — Richard Moir, Vice President of the International Trade Committee at the London Chamber of Commerce, delivered a compelling address at the UK-Africa Trade Summit, calling for a fresh approach to how trade between the UK and Africa is understood and facilitated. His key message emphasized the importance of African-led research in trade and the development of indigenous insurance systems to better manage risk and foster sustainable business relationships.

Advocating for African-Led Trade Research

Moir began his address by pointing out a significant gap in how international business research is conducted, noting that much of it comes from a Western perspective, which may not fully reflect the realities of doing business in Africa. "London doesn't know it all," he remarked, advocating for more research that originates from Africa itself. Moir proposed the creation of more business schools across the continent to drive local knowledge and expertise, enabling African businesses to develop tailored strategies for global trade.

"African-led research would provide a unique perspective on how trade should be conducted and what can be improved," Moir explained, underscoring that this shift is vital for building equitable and mutually beneficial trade relationships between Africa and the UK.

From the ‘Hopeless Continent’ to the ‘Hopeful Continent’

Moir reflected on Africa’s dramatic transformation since being labeled "the hopeless continent" by The Economist in 2000. Today, Africa is seen as "the hopeful continent," with immense growth potential and increasingly vibrant economies. He noted that the UK-Africa Summit itself is evidence of the region’s evolving role in global trade and the growing interest from international partners.

The Critical Role of Insurance in Trade

Turning to the topic of trade facilitation, Moir highlighted the indispensable role that insurance plays in enabling commerce. "Without insurance, you can't trade," he stated, explaining that for centuries, Africa’s international trade was supported by Lloyd's of London underwriters. However, Moir urged African countries to develop their own indigenous insurance capabilities, particularly through captive insurance—a system where businesses can self-insure to manage risks more effectively.

He noted that developing indigenous insurance markets will empower African businesses to take control of their risk management and facilitate smoother, more secure trade interactions.

Humor and Banking: A Necessary Partnership

Moir brought a light-hearted touch to his speech when discussing the role of banks in international trade, likening them to Marmite: "Sometimes you like them, sometimes you don’t." Nonetheless, he acknowledged their critical role in providing trade documents that work hand in hand with insurance to ensure seamless business transactions.

Building African Capacity for Trade Growth

Moir’s remarks offered a comprehensive vision for fostering sustainable trade relationships between the UK and Africa. By advocating for African-led research, the development of local business schools, and the creation of indigenous insurance markets, Moir outlined a path that places Africa in a position to drive its own trade narrative. His call to action for African countries to take greater ownership of their economic future aligns with the summit’s broader focus on innovation, growth, and partnerships.