- Minister for Investment Poppy Gustafsson signs new partnership with OCBC, Singapore’s second largest bank, to facilitate £10 billion investment into the UK.
- Agreement will increase UK-Asia Pacific collaboration and support investment into priority growth sectors including energy, infrastructure and real estate.
- Comes in the wake of ratification of CPTPP – a massive trade deal with the region – helping to create economic growth and supporting the Plan for Change.
New collaboration between the UK government and one of the largest banks in Southeast Asia will unlock £10 billion of investment into Britain, boosting economic growth and driving forward the government’s Plan for Change.
Today [Wednesday 2 April], Minister for Investment Baroness Poppy Gustafsson has signed the new MoU with the Oversea-Chinese Banking Corporation Limited’s (OCBC) Head of Global Corporate Banking Elaine Lam.
The bank aims to finance £10 billion of investment from the Asia Pacific region into priority growth sectors including energy, infrastructure and real estate by 2030.
Minister for Investment Baroness Poppy Gustafsson CBE said
This £10 billion commitment from OCBC is a major vote of confidence in the UK economy. Not only will it help create more opportunities in real estate and infrastructure, but will also back our clean energy industry, a key growth sector identified in our upcoming Industrial Strategy.”
We have the most open, stable and connected economy in the world – and our Plan for Change will encourage more international companies to invest here, delivering long-term growth that supports good, skilled jobs across the country.
Under the newly expanded Office for Investment, OCBC will collaborate with the government to promote the UK as a hub for businesses, investors and services, attracting billions of pounds worth of investment from Asia and supporting the government’s growth mission.
As one of the largest banks in Southeast Asia, OCBC brings valuable private capital from Asia into the UK. OCBC’s plan to finance £10 billion worth of investment until 2030 signifies the significant opportunities from Asia and is a huge vote of confidence in the UK economy.
OCBC Head of Global Corporate Banking Elaine Lam said
The UK and Singapore share historically deep ties and OCBC is proud to play a part in further strengthening the relationship with this agreement. Our UK business has grown significantly over the years and our London branch is now the largest in our international network. The growth has been driven by developments in sectors such as real estate, renewables, energy transition as well as digital and core physical infrastructure.
These align with the priority sectors outlined in the UK’s industrial strategy and we will double down on our efforts to drive further growth in these areas. We are also committed to supporting UK companies that are keen to establish or expand operations in Singapore and Southeast Asia. We look forward to building on our strong track record in the UK to deliver on these goals.
The UK and Asia-Pacific trading relationship is worth £126 billion. This new partnership will create more opportunities in key growth driving sectors identified in the government’s upcoming modern Industrial Strategy, and build on the UK’s CPTPP ratification – expected to boost the economy by £2 billion a year in the long-term.
The collaboration will also help facilitate further trade and investment with the APAC region, as the UK remains committed to free and fair trade, with a pro-business approach focused on reducing barriers to investment.
The government’s new modern Industrial Strategy will deliver long-term, sustainable, inclusive growth right across the UK by driving investment into the economy and hardwire stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.
