The UK will benefit from almost £20bn of extra private investment from Japan, Downing Street has said, as Rishi Sunak visits the nation for the G7 summit.
The prime minister will personally thank a Japanese minister for the country’s support of the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Earlier this year it was announced that the UK would join the bloc, which consists of countries including Australia, New Zealand, Canada, Chile and Japan.
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The prime minister will thank Shigeyuki Goto, the CPTPP minister in Japan, in person today for the country’s strong support for the UK’s membership.
It comes on the back of firms promising £17.7m to the UK in the future.
Investment will be coming from the likes of property companies Mitsubishi Estate and Mitsui Fudosan, trading house Marubeni, and Kawasaki Heavy Industries.
Companies based in the UK, such as Octopus Energy and Mott MacDonald, will send money back the other way.
Mr Sunak’s trip to the G7 summit in Hiroshima will also include discussions on Ukraine and the Indo-Pacific.
A government spokesperson said: “Japan is already our 5th largest investor with £92bn invested in the UK, and our trade in goods and services was worth £27.7bn last year – which is likely to be boosted further when the UK joins the regional CPTPP trade bloc.”
Mr Sunak said: “These new investments are a massive vote of confidence in the UK’s dynamic economy, from some of Japan’s top firms.
“Working with the government and British industry they will create the kind of high-quality, reliable jobs and transformative local investment we are delivering around the country.
“It’s great to also see leading UK businesses seizing the huge opportunities for growth and collaboration in Japan. As we grow our trade ties further and join the huge regional CPTPP trade bloc, the sky’s the limit for British and Japanese businesses and entrepreneurs.”
Masumi Kakinoki, the CEO of Marubeni Corporation, said: “We are thrilled to have forged a robust partnership with the United Kingdom, and we eagerly anticipate collaborating with the UK government to unleash a surge of investment into the nation’s clean energy transition.
“This endeavour not only signifies our commitment to the UK’s energy transition, but also reinforces Marubeni’s role as an active participant in the global march towards a sustainable future. We are on the brink of an energy revolution, and it is partnerships like these that will help ensure our shared success.”