The NPS is one of the world’s largest pension funds with an estimated value of $320bn and its London office is only the second office the Service has opened outside Korea after New York.
The fund has already invested in more than £1bn of commercial property in London including the HSBC Tower, as well as investing in Gatwick Airport.
The decision to open an office in London is part of the NPS’s plans to diversify and increase their overseas investments, and follows a meeting between the Deputy Prime Minister and the Chair of the South Korean National Pension Service (NPS), Jun Kwang-woo, in Seoul last March.
Deputy Prime Minister, Nick Clegg, said:
“Britain is open for business, and it’s a vote of confidence in the UK that the world’s fourth largest pension service is opening a base here.
“The investment this brings will be a considerable boost for British jobs, investment for UK infrastructure projects, and growth for manufacturing.
“The National Pension Service of Korea’s decision to open in London is testament to the economic opportunities in the UK.”
Lord Green said:
“I am delighted to welcome the National Pension Service of Korea to London.
“The UK remains the leading European destination for inward investment and by investing in London the Service has placed itself at the centre of world finance and in a strong and stable regulatory environment. They can take advantage of our unrivalled links to the continent and to North America, as well as the skills of the UK’s dynamic and productive workforce.”
“I look forward to UKTI helping make this venture a success for Britain and for the NPS.”
Lord Green was the guest speaker at the formal opening today, together with the fund’s chairman Jun Kwang-Woo.
Notes to editors
1. The Government's economic policy objective is to achieve 'strong, sustainable and balanced growth that is more evenly shared across the country and between industries.' It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
- To create the most competitive tax system in the G20;
- To make the UK the best place in Europe to start, finance and grow a business;
- To encourage investment and exports as a route to a more balanced economy;
- To create a more educated workforce that is the most flexible in Europe
Work is underway across Government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the Government wants the economy to travel.
2. BIS's online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.
UK Trade & Investment (UKTI) is the Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information on UKTI, visit www.ukti.gov.uk or telephone +44 (0)207 215 8000. For latest press releases, visit the online newsroom at www.ukti.gov.uk/media.