Keir Starmer is preparing to unveil contracts worth £400 million for transportation and defense projects, boosting employment opportunities for British workers at the G20 summit.
During his trip to South Africa for the summit, the Prime Minister is set to showcase British businesses in advance of next week’s crucial Budget announcement.
The upcoming financial statement by Rachel Reeves is anticipated to introduce significant measures aimed at easing the cost of living crisis and increasing disposable income for working individuals.
Highlighting the importance of international collaboration for economic growth, Mr. Starmer emphasized the mutual benefits of working with global partners. As part of his visit to South Africa, he will tour a train facility in Johannesburg to observe British-made trains.
A new partnership between the UK and South Africa will involve British experts assisting in the modernization of South Africa’s railway system. Additionally, the UK is teaming up with Vietnam to drive digital advancements in Vietnam’s rail network.
British Steel is set to receive a boost through a £35 million deal to supply products for Turkey’s high-speed rail network, while Rolls Royce will provide new jet engines to Air Algerie.
Furthermore, the UK has secured an initial contract to support the South African Navy in evaluating the operational readiness of their submarines. This agreement marks Babcock, a British defense company, securing its first defense contract in South Africa.
An agreement between the UK and South Africa is expected to reduce bureaucratic hurdles, potentially benefiting UK businesses with an estimated £400 million to £700 million over the next five years.
Mr. Starmer expressed his commitment to fostering job creation and economic growth through international partnerships, aiming to provide more opportunities for British businesses and enhance the standard of living for people across the United Kingdom.
Downing Street reiterated the Prime Minister’s focus on utilizing partnerships abroad to deliver positive outcomes for the domestic population.