The series of events has been kicked off with the announcement from the new owners of the Battersea Power Station, SP Setia, Sime Darby and the Employees Pension Fund of Malaysia announcing that the development value of the project is expected to be £8 billion, and is expected to provide 20,000 construction jobs and 13,000 permanent jobs.
The mixed development will contain homes, office space, a hotel and retail space and will see the Northern Line extended with a new transportation hub at the Power Station site. The owners are keen to accelerate the development and expect to begin work on the ground next summer.
In addition, we expect businesses to announce deals and projects in the UK worth another £1 billion during the summer.
The announcements already made include the £4.5 billion investment in the intercity express programme, creating more than 900 jobs, investing in more trains and infrastructure for the existing diesel intercity high speed train services.
Plans to boost renewable energy that could see a £25 billion of new investment in the economy over the next few years. Supporting jobs, delivering more clean power while reducing the impact on consumer bills.
Also announced formally was Jaguar Land Rover’s expansion of its Castle Bromwich plant creating 1,100 jobs, and the recent securing of over £2 billion deals for the UK at the Farnborough air show.
The flagship Global Investment Conference is taking place at the British Business Embassy, Lancaster House, in front of an audience of international government representatives and the world’s leading financial and business figures.
A further 17 business summits for over 4,000 UK and international business delegates will be held at the British Business Embassy during the Olympic and Paralympic Games. The events are aimed at showcasing the UK’s capabilities across a wide variety of sectors.
Deputy Prime Minister Nick Clegg said: “The Olympics presents us with a once in a lifetime opportunity to boost the UK’s growth potential. Our world-beating innovation in green technology and advanced manufacturing are on show for a vast global audience, and today we can be proud of those achievements.
“Britain needs and must cultivate an investor-friendly economy. It’s not just for us but about a shared prosperity – mutual business deals globally. Every deal counts, but we want to be bold, we need to think big, and that’s why today’s investment is such welcome news.
“I’m looking forward to meeting the world’s political and business leaders over the coming weeks to showcase Britain.”
Talking about the huge boost the the UK economy these announcements make Chancellor George Osborne said: “Britain has always been a country that is open to the world. In hosting the Olympic Games, we are showcasing that openness. As we welcome the world’s best athletes, we also welcome the world’s best companies – so that they can succeed, invest, and create jobs in Britain.”
Trade and Investment Minister Lord Green said:
“The UK is open for business and welcomes trade and investment as a key plank in our plan for growth. More than 112,000 jobs were created in Britain last year as a result of foreign direct investment – strong evidence that this country is seen around the world as a good place to invest in and do business with.
“But we are not complacent which is why we are taking action to ensure Britain remains attractive to overseas firms and competitive internationally. Measures such as improving the competitiveness of our tax system, maintaining low interest rates, boosting skills in the workforce through revitalised apprenticeships and cutting regulation and red tape show we are serious about making Britain the best place in Europe to do business.”
UK Trade & Investment and its partners were involved in securing four out of five of these projects.
This month, the UN’s World Investment Report showed that the UK had retained its place as the number one destination in Europe for inward investment, with investment inflows up by 7 per cent.
The Global Investment Conference is the first of 17 days of global business summits that will be held over the course of the London 2012 Olympic and Paralympic Games to showcase the UK to the international community.
Summits will be held to promote key UK business sectors, as well as two country summits focussing on trade with China and Brazil. The programme, organised by UK Trade & Investment, is expected to generate £1 billion in future benefit for UK businesses, and UK and international firms will use this platform as an opportunity to announce deals worth more than another £1 billion in total.