LONDON, January 16 - Malaysian firm YTL Group has announced plans to invest £4 billion (RM21.96 billion) in the United Kingdom (UK) over the next five years.
Out of the total amount, £2 billion will be allocated to the development of the Brabazon new town in Bristol, the largest city in southwest England.
The remainder will be invested in YTL's business in the country.
According to YTL UK Group Chief Executive Colin Skellett, the investment, which includes the smartest new town, will also provide more than 30,000 jobs across the UK.
"We have allocated 68 per cent of the space for commercial use, and this commercial space will create many jobs.
"The focus of this commercial space is on aerospace and new technologies, including significant developments in artificial intelligence (AI).
"This will be a key driver of economic growth, in addition to the general activities that will take place.
"With millions of people expected to visit the site every year, especially with the arena and entertainment complex, we are essentially creating a new community that will benefit the wider economy," he said after the launch of the Brabazon new town development project, which was officiated by Prime Minister Datuk Seri Anwar Ibrahim.
Present at the event were Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Plantations and Commodities Datuk Seri Johari Abdul Ghani, Minister of Higher Education Datuk Seri Dr Zambry Abd Kadir, Executive Chairman of YTL Group Tan Sri Francis Yeoh and Secretary of State for Business and Trade of UK Jonathan Reynolds.
The award-winning Brabazon development is set to transform the historic Filton Airfield site into a major amenity area.
In addition to the development of 6,500 high-quality sustainable homes, the project will also build three new schools as well as a 19,500-seat arena, conference and exhibition space.
Commenting on the UK's policy in attracting investment, Skellett said the current uncertain global economic situation requires the country to secure large investments, including from Asian companies.
"The UK needs overseas investors, as the government has said. This is why today, we have seen a very good response from the UK Government and the message coming from our Prime Minister (Keir Starmer), one of which is, it is very encouraging to see Malaysian investment in the UK.
"So, the global situation is, we need investors from Asia to invest and take a long-term outlook," he said.
YTL, which is Malaysia's largest investor in the UK, made its first investment in the country in 2002 with the acquisition of Wessex Water.