A new £1 billion trade partnership has been agreed between the UK and Australia, which will transform London’s communications capacity and create 600 jobs.
Trade Ministers from both countries have welcomed a new partnership between Transport for London (TfL) and global communications company BAI Communications.
The announcement came as the UK welcomed global business leaders and industry heavyweights at the UK’s Global Investment Summit on 19 October.
The summit seeks to encourage foreign investment by showcasing the best of British innovation.
Prime Minister Boris Johnson announced a £400m partnership with Bill Gates to boost investment in green technologies ahead of the landmark climate summit.
He told investors at an event at the Science Museum in London that the Government had committed £200 million, with the Microsoft co-founder matching the figure.
Meanwhile, The TfL and BAI communications project will start in April 2022 and will involve a new communications infrastructure between the two bodies, which aims to make the capital a ‘smart’ communication city by boosting connectivity and creating jobs.
The deal with BAI Communications, whose global operations include the UK, Australia, and Canada, will upgrade and add state-of-the-art 4G and 5G-capable mobile network capacity to the Tube network and deliver uninterrupted mobile coverage across all underground stations.
International Trade Secretary Anne-Marie Trevelyan welcomed the deal and said: “The UK remains one of the most attractive destinations for investment globally and this partnership proves that investors are backing Britain.”
Billy D’Arcy, CEO of BAI Communications UK, said: “We are proud to be making such a significant investment into an incredible partnership with Transport for London, that will transform London into a leading smart city.
The International Trade Secretary also hosted her opposite number Dan Tehan, for talks on shared trade priorities and closer cooperation on tackling threats to free and fair global trade.
Total trade between the UK and Australia was worth £13.9 billion last year and the Government says the latest trade deal between the countries will create more opportunities for businesses and producers in every part of the UK, making it easier for them to invest across the economy.
It added that it will ensure UK investors will benefit from broader and deeper market access than Australia has ever guaranteed before, and ensure the right to invest is protected in all sectors of the economy.
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