Prime Minister unveils foreign investment boost of £10bn for the UK at global summit

Tue 19 Oct 2021
Posted by: Noelle McElhatton
Trade News

At the start of a major inward investment summit today (Tuesday 19 October), international trade secretary Anne-Marie Trevelyan has said that China is welcome to invest in non-strategic parts of the UK economy, despite concerns about its involvement in UK telecoms and nuclear sectors.

Huawei is being pushed out of Britain’s 5G network and it is reported that Chinese involvement in the development of Sizewell nuclear power station could end.

Speaking to the FT Trevelyan said: “For everything that’s in a non-strategic area, we welcome investment from all those who understand the value and importance of working here.”

Rocket boost

The minister said today’s conference, which was attended by 200 leading investors, would “rocket boost” global interest in Britain, particularly in the green economy.

Prime Minister Boris Johnson announced 18 new foreign investment deals worth £9.7bn as he opened the global investment summit in London today, reports the BBC.

At least 30,000 new jobs will be created around the UK by the investment, which the PM said recognised “the massive potential in the UK for growth and innovation”.

'Investment Atlas'

It comes as the Department for International Trade launches an online platform designed to help international investors identify and execute high priority investment opportunities around the UK.

The ‘Investment Atlas’ highlights 53 strategic investment opportunities, each with a strong sustainability element aligned with the key themes set out in the Prime Minister’s 10-point plan for a green industrial revolution.

New projects being showcased include offshore wind substructures in Scotland and manufacturing ports in Teesside and Humber, sustainable food systems delivery in Telford and net zero transport in Coventry.

Johnson’s announcements include a £6bn wind-power investment from Iberdrola that will create 7,000 jobs, and £1bn for decarbonisation projects from recycling company Viridor.

Gates invests in green UK

Johnson had a meeting with Microsoft founder Bill Gates at the conference during which they pledged to jointly invest £400m in funding early stage technologies to tackle climate change, reports the Telegraph.

Gates’s clean energy fund Breakthrough Energy Ventures will focus on projects to scrub carbon emissions out of the air, clean up jet fuel, green hydrogen and battery storage.