Investment Announcement
Today, the Prime Minister announced that nearly half a billion pounds will be invested by Italian businesses in the UK, creating more job opportunities for British citizens. This significant investment was confirmed following a meeting with Italian CEOs in Rome, where he discussed the UK’s business potential.
Strengthening International Partnerships
In a collaborative press conference with Italian Prime Minister Giorgia Meloni, the Prime Minister revealed an investment of £485 million from prominent Italian companies, such as Leonardo and Marcegaglia, focusing on the UK’s defence, clean growth initiatives, and innovation. This initiative aligns with his broader goal of enhancing the UK-Italy partnership across areas such as migration, trade, and defence.
Driving Economic Growth
The investment announcement follows a roundtable discussion with prominent Italian business leaders in Rome this morning. These companies collectively provide 17,500 jobs throughout the UK. The Prime Minister’s ongoing efforts to strengthen relationships with key European partners aim to tackle common challenges, enhance bilateral trade and investment, and drive economic growth at home.
Italy’s Strategic Importance
As one of the UK’s top ten trading partners, Italy boasts an annual bilateral trade value of £50 billion. It also plays a crucial role in NATO, G7, and EU discussions. The Prime Minister’s visit focused on promoting deeper collaboration in security, defence, and migration, following recent trips to Berlin, Paris, and Dublin to improve international partnerships and achieve tangible results for the British public.
Prime Minister’s Message
Prime Minister Keir Starmer stated, “I am in Italy with a clear message for one of our closest international friends and partners: Britain is a place to do business. By re-establishing our global relationships, we can dismantle the barriers that have hindered the UK for too long. This will allow us to attract substantial investments, generate jobs for hardworking British people, and fulfil my overarching mission for the UK—economic growth.”
Details of Confirmed Investments
The confirmed investments include:
- Leonardo, a global leader in defence, aerospace, and security, will invest £435 million in 2024. This funding will be allocated to its Yeovil site and technology development across the UK, where it operates eight major sites employing around 8,000 people.
- Marcegaglia, a steel manufacturer, will invest £50 million in Sheffield to construct a new clean steel electric arc furnace, resulting in 50 new jobs.
Statements from Business Leaders
Stefano Pontecorvo, Chairman of Leonardo, remarked, “It was a pleasure to meet with Prime Minister Starmer and discuss our new £435 million investment in the growth of Leonardo in the UK. This investment will support advanced research, thousands of highly skilled jobs, and excellent early career opportunities at our eight UK sites, bolstering the resilience of our nationwide supply chain. The Prime Minister’s approach signals a significant change in the UK’s relationship with the European Union, facilitating governmental and industrial collaboration.”
Addressing Migration Challenges
Earlier today, the Prime Minister, accompanied by the newly appointed Border Security Commander Martin Hewitt CBE QPM, visited Italy’s National Coordination Centre. They learned how Italy has achieved a 60% reduction in irregular migration compared to the previous year, largely due to innovative upstream strategies. Following discussions with Prime Minister Meloni, it was confirmed that the UK will contribute £4 million to the Rome Process, Italy’s initiative to address the root causes of irregular migration.
Enhanced Cooperation on Security
The UK and Italy have agreed to strengthen their collaboration in tackling illicit financial flows linked to organised immigration crime and to share intelligence to disrupt the maritime supply chains utilised by smuggling gangs. Both leaders also agreed to deepen defence cooperation, with the Italian Army and Navy set to participate in UK Carrier Strike Group Operations in the Indo-Pacific next year.