Major Japanese corporations are willing to invest as much as 17.7 billion pounds ($22 billion) in UK green technologies businesses, creating jobs and promoting high-tech innovation, UK Prime Minister Rishi Sunak said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 18th May, 2023) Major Japanese corporations are willing to invest as much as 17.7 billion Pounds ($22 billion) in UK green technologies businesses, creating jobs and promoting high-tech innovation, UK Prime Minister Rishi Sunak said on Thursday.
"Leading Japanese businesses have committed to invest almost �18 billion in businesses and projects across the UK, generating growth in key sectors, creating high-skilled jobs and driving technology innovation," the statement of the UK prime minister's office reads.
Japan's Marubeni Corporation and Sumitomo Electric Industries are among the companies willing to invest in the UK's private sector. In particular, Marubeni intends to fund clean energy projects such as offshore wind power stations and low carbon hydrogen plants in Wales and Scotland.
Sumitomo Corporation intends to expand its existing offshore wind projects in the UK and build a strategically important high voltage cable manufacturing plant in Scotland. It is expected that these investments will strengthen the UK's position on the green energy market, and allow Japan to use the UK's technological experience in green technologies.
The announcement comes as Sunak prepares to host a business reception in Tokyo on May 18 during his visit to Japan to attend the G7 summit in Hiroshima on Friday. Prior to the summit, Sunak is scheduled to meet Japanese Foreign Minister Fumio Kishida to discuss enhanced defense cooperation in the face of China's increased military activities around Taiwan.
