GE will create 1,000 jobs in the UK, strikes exporting deal

Britain’s export credit agency has granted General Electric Co $12 billion (£8 billion) in financing in an agreement set to create up to 1,000 jobs in the country’s energy sector.

The US conglomerate announced the deal on Thursday.

The money will be used to support confirmed and potential orders in several markets including Brazil, Ghana, India, and Mozambique.

GE Chief Executive Jeff Immelt, praised the UK in a statement as “pro-export and pro-manufacturing,”

He added: “Export finance is a critical tool we use to support our customers. In today’s competitive environment, countries that have a functional export credit agency will attract investment.”

Prime Minister David Cameron said: “We are doing everything we can to make Britain the best place in Europe to start, finance or grow a business and GE’s substantial commitment through this agreement is fantastic news.

“It will provide jobs and security for people working in the energy sector and elsewhere. It is a vote of confidence in our long term economic plan.”

GE already has a significant presence in the UK. Since 2003 it has invested £14 billion into the country, operating in more than 60 locations (including 40 manufacturing sites) and employing 17,000 people.

The deal comes after the U.S. Export-Import Bank’s charter lapsed this summer which affected export financing.

After US congress did not renew its export credit programme GE has been to moving jobs overseas – just last week the US conglomerate said it plans on moving about 500 US jobs to France, Hungary and China.

In addition, the company is no longer considering locations in the US for a development centre for turboprop engines.