A groundbreaking collaboration between the UK government and the Oversea-Chinese Banking Corporation Limited (OCBC), one of Southeast Asia’s largest banks, is set to unlock £10 billion of investment in Britain, particularly in the clean energy sector. Minister for Investment Baroness Poppy Gustafsson signed a Memorandum of Understanding (MoU) with OCBC’s head of global corporate banking, Elaine Lam, marking a significant step in strengthening economic ties.
Baroness Gustafsson noted, “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 it will also back our clean energy industry, a key growth sector identified in our upcoming Industrial Strategy.”
The investment is expected to bolster various sectors, with clean energy taking a central role. According to the UK government, the clean energy sector is poised for growth, aiming to significantly reduce carbon emissions while creating skilled jobs.
Under the newly expanded Office for Investment, OCBC will work closely with the UK government to position the UK as a prime destination for businesses and investors, particularly from Asia. Elaine Lam commented, “The UK and Singapore share historically deep ties, and OCBC is proud to play a part in further strengthening this relationship. Our London branch has become the largest in our international network, driven by growth in sectors such as real estate, renewables, and energy transition.”
Statistics show that the trading relationship between the UK and the Asia-Pacific region is valued at £126 billion. This partnership aligns with the UK’s Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) ratification, which is projected to boost the UK economy by £2 billion annually in the long term.
The collaboration aims to attract significant investment from Asia, supporting the UK’s pro-business approach focused on reducing barriers to investment. The UK government has identified clean energy, digital infrastructure, and core physical infrastructure as priority sectors in its modern Industrial Strategy.
This partnership represents a pivotal moment in the UK’s economic landscape, with the £10 billion investment expected to enhance growth across multiple sectors, particularly in renewable energy. As the UK strengthens its ties with Asia, the collaboration with OCBC is set to play a crucial role in driving forward the UK’s clean energy ambitions and overall economic growth.
