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
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 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.
