Keir Starmer is poised to unveil contracts worth £400 million for transportation projects, including trains, planes, and submarines, to support British workers at the G20 summit.
The Prime Minister traveled to South Africa on Thursday evening for the international meeting, where he plans to promote British businesses in anticipation of the upcoming Budget announcement next week.
During the visit, Rachel Reeves is expected to present a financial statement containing significant measures aimed at alleviating the cost of living crisis and boosting the finances of working individuals.
Starmer emphasized the importance of collaborating with global partners for economic growth, stating that it is a pathway to prosperity. As part of his visit to South Africa, he will tour a train depot in Johannesburg to observe trains built in Derby.
An agreement between the UK and South Africa will be announced to provide British expertise to enhance the country’s rail system, with Crossrail International offering strategic advice to attract private investments into South African railways.
Additionally, a partnership between the UK and Vietnam will drive digital advancements in Vietnam’s railway sector. British Steel is set to supply £35 million worth of products to Turkey’s high-speed rail network, and Rolls Royce will provide new jet engines to Air Algerie.
Furthermore, the UK secured an initial contract to support the South African Navy in assessing the operational readiness of their Type 209 submarines, marking Babcock’s first defense contract in South Africa. A new agreement between the UK and South Africa is expected to reduce red tape and potentially benefit UK businesses with an estimated £400 million to £700 million increase over the next five years.
Starmer expressed his commitment to creating opportunities for British businesses globally to drive growth, generate skilled jobs, reduce living costs, and offer opportunities across the United Kingdom.
Downing Street emphasized the Prime Minister’s focus on delivering results for the domestic population through strong international partnerships.