Deputy prime minister Nick Clegg has promised a boost in infrastructure investment after the National Pension Service of Korea (NPS) officially opened its new London office.
The NPS is one of the world’s largest pension funds with an estimated value of $320bn (£205bn) 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 Clegg and NPS chairman Jun Kwang-woo in Seoul last March.
“The investment this brings will be a considerable boost for British jobs, investment for UK infrastructure projects, and growth for manufacturing,” said Clegg.