UK secures 拢7.5 billion Japanese investment in key growth sectors
The government has unlocked 拢7.5 billion of investment into key growth sectors as the Minister for Investment signed a new deal with the Sumitomo Corporation in Tokyo.
- Minister for Investment Poppy Gustafsson is in听Tokyo听to听sign new partnership with听top Japanese trading company Sumitomo Corporation.
- Deal secures 拢7.5 billion investment into key UK infrastructure and clean energy projects.
- Latest multi-billion investment shows Plan for Change is working, days after Deloitte survey puts UK in joint听top spot for global investment.
New collaboration between the UK government and a听top Japanese trading company will unlock 拢7.5 billion of investment into Britain, boosting economic growth and driving forward the government鈥檚 Plan for Change.鈥��
Today [Wednesday 9 July], Minister for Investment Baroness Poppy Gustafsson signed the new partnership with Sumitomo Corporation鈥檚 Energy Transformation Group CEO Mr Hajime Mori, Europe CEO Mr Hiroyuki Koike and the Energy Transformation Business Group in听Tokyo. 听听
Sumitomo Corporation aims听to听facilitate 拢7.5 billion of investment into key UK infrastructure and clean energy projects by 2035, backing the government鈥檚 aim to significantly increase long-term business investment into key growth sectors following the publication of the Modern Industrial Strategy and the 10-Year Infrastructure Strategy. 听
This latest vote of confidence reaffirms the UK鈥檚 position as a global investment destination, and builds on the positive findings from Deloitte鈥檚 latest survey which found that finance leaders see the UK as the joint-most attractive destination when it comes听to听investment.听
Minister for Investment Baroness Poppy Gustafsson CBE said:听
The UK is a top investment destination for Japanese businesses, so I鈥檓 delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working.听
We鈥檙e serious鈥痑bout鈥痗lean energy as a key growth sector, and deals like this create high value jobs, encourage further鈥痠nvestment鈥痠nto our world-leading industry and help boost economic growth right across the UK.
This commitment听to听facilitate investment into the UK also comes after the launch of the government鈥檚 Modern Industrial Strategy which aims听to听make it quicker and easier for businesses听to听invest in the UK, providing investors the certainty and stability they need听to听make long term decisions.听
The investment will be focused on key offshore wind and hydrogen projects, supporting the UK鈥檚 aim听to听become a clean energy superpower.听
Hajime Mori, Managing Executive Officer, Group CEO, Energy Transformation Business Group, Sumitomo Corporation said:
We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK鈥檚 new industrial strategy, clean energy is designated as a priority sector. Through this agreement with Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK.
Hiroyuki Koike, Managing Executive Officer, General Manager for Europe, Sumitomo Corporation said:
We are inspired by the UK government鈥檚 active promotion and support of private investment which has helped to improve the business environment in many areas.
We hope that this comprehensive MOU with the Office for Investment will further strengthen the relationship between the UK government and Sumitomo Corporation, and that we will contribute more to the development of the UK economy and society through our business.
Economic growth is the Government鈥檚 central mission and unlocking new investment opportunities with the Asia-Pacific (APAC) region is vital听to听achieving this, as the UK-APAC trading relationship is now worth over 拢135 billion. 听
This new collaboration also adds听to听the strong trade and investment partnership the UK already shares with Japan, building on the Industrial Strategy Partnership and Economic 2+2 established earlier this year and CPTPP ratification 鈥� which is estimated听to听boost the economy by 拢2 billion a year in the long-term.鈥��
Today鈥檚 announcement comes as the Minister for Investment Poppy Gustafsson visited South Korea and Japan this week, meeting a range of investors and businesses听to听encourage further investment into the country.
Notes听to听editors:
- For more info on Deloitte鈥檚 latest survey of the UK鈥檚 investment attractiveness 鈥� please see