London skyline from St Paul’s Cathedral in February 2017. REUTERS/Neil Hall/File Photo
South Korean businesses are set to invest £21 billion ($26 billion) into Britain as part of a renewed trade deal between the two countries, it was announced on November 21. This significant investment will be channeled towards renewable energy and green infrastructure projects over the next decade, with £9.7 billion specifically earmarked for these initiatives. The Sovereign Wealth Fund of South Korea is providing this contribution.
This news marks a major milestone in economic relations between South Korea and Britain, as talks for a modernized trade deal continue. The potential implications of this investment for both countries could be far-reaching, particularly in the fields of renewable energy and green infrastructure. The announcement also underscores South Korea’s confidence in Britain as a key partner for their investment plans.
While the full impact of this investment on the British economy and its renewable energy sector remains to be seen, it is clear that this development represents a significant step forward in economic and trade relations between South Korea and Britain. As Sarah Young reports, this investment has the potential to contribute significantly to the future of Britain’s renewable energy industry.