UK to use 2027 presidency to push global growth and open new markets for British industry…reports Asian Lite News
The Government has confirmed that the UK will host the G20 summit in 2027, positioning the event as a platform to drive global growth, shape the international agenda and reinforce economic stability. Prime Minister Keir Starmer said the gathering of the world’s major economies would be used to support working people at home by deepening economic partnerships and attracting investment. The G20 brings together 19 of the largest national economies alongside the European Union and the African Union, representing 85 per cent of global GDP, 75 per cent of international trade and around two-thirds of the world’s population. The UK counts many of these member states among its most important economic partners, including 17 of its top 20 export markets and 18 of its top 20 sources of foreign direct investment.
Announcing the 2027 presidency, the Prime Minister said: “Our work abroad is delivering for people at home in good jobs, greater opportunities, and national renewal. Hosting the G20 will allow us to shape the global agenda once again, driving forward economic stability in the UK and beyond.” He added: “As we enter the next cycle of G20 Presidencies, we must double down on our core mission: driving growth – not just in numbers, but in opportunities for working people in each of our countries. We know that when we work with our partners, we can restore stability and drive prosperity on an unmatched scale, bringing benefit to all.”
The Government said that in the past three years, G20 members had brought more than 3,800 investment projects into the UK, creating close to 200,000 jobs. That investment has included Shinhan, the Republic of Korea’s second-largest bank, committing £2 billion over five years to energy, digital assets, infrastructure and financial services, while Japan’s Sumitomo Corporation is facilitating up to £7.5 billion of investment into infrastructure and clean energy projects by 2035. Mexico’s Grupo Bimbo, the world’s largest baking company, has also expanded its footprint in Rotherham.
Officials pointed to the G20’s historical significance during moments of economic strain. Formed at the height of the global financial crisis, the leaders’ summit drew together heads of government, central bank leaders and finance ministers to address the instability. The London Summit of 2009, chaired by then prime minister Gordon Brown, saw countries pledge over $1 trillion to stabilise the global economy. The Government said decisions taken at that meeting helped prevent a deeper global depression, stabilised financial markets within weeks, and ultimately supported employment, interest rates and personal savings.
British workers are expected to see further benefits from new international agreements unveiled alongside the confirmation of the 2027 summit. The Prime Minister travelled to Johannesburg for this year’s G20 gathering, where he met Indo-Pacific and African leaders and pressed the case for widening access to rapidly expanding markets. His visit also included a stop at a train depot in the city to see Derby-built trains in service and to announce a new UK–South Africa agreement aimed at supporting rail reform. Under the deal, Crossrail International, a government-owned consultancy, will provide strategic advice to help draw private investment into South Africa’s rail network, strengthen freight and passenger services and expand opportunities for British companies supplying engineering, planning and technology expertise.
A similar initiative was announced with Vietnam, where the UK will support a digital transformation of the country’s railways. The partnership with Vietnam’s Ministry of Construction will draw on UK experience in developing high-tech, sustainable rail systems, including the digital strategies used for the Elizabeth line. The agreement builds on existing relationships between Crossrail International and urban rail authorities in Hanoi and Ho Chi Minh City and is expected to create a platform for UK engineering, consulting and finance firms in one of Asia’s fastest-growing markets.
