The British Sunak announces a Japanese investment of USD 22 billion in the British economy

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By Webdesk


The British leader praises the investment by Japanese companies as a “huge vote of confidence” in the British economy.

British Prime Minister Rishi Sunak has announced Japanese investments of more than $22 billion in the United Kingdom, including funding for offshore wind and other clean energy projects, but accepted carmakers’ concerns about Brexit trade rules.

Sunak arrived in Japan on Thursday for a Group of Seven leadership summit in Hiroshima and will meet with business leaders as Britain prepares to join a transpacific trade pact that includes Japan and Australia.

He said the £17.7 billion ($22.1 billion) investment by Japanese companies was a “huge vote of confidence” in the UK economy.

It includes planned funding of about 10 billion pounds ($12.4 billion) for offshore wind and hydrogen energy projects from Japanese trading house Marubeni, Downing Street said.

British Prime Minister Rishi Sunak, center right, and his wife Akshata Murty step off their plane as they arrive at the airport in Tokyo, Japan ahead of the G-7 summit
British Prime Minister Rishi Sunak, center right, and his wife Akshata Murty disembark their plane as they arrive in Tokyo on Thursday [Stefan Rousseau/Pool via AP]

Sunak said the deals show Britain to be the first non-regional economy to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after Brexit.

But the UK’s separation from the EU remains a serious concern for businesses.

Fee-free access

European carmaker Stellantis has warned it could close some UK factories if Sunak’s government fails to amend Brexit trade rules to facilitate the supply of batteries for electric vehicles.

Ford, Jaguar Land Rover and German auto industry lobby group VDA have all reportedly joined the call to keep tariff-free access despite an approaching deadline under the EU-UK Brexit deal.

“It’s something that car manufacturers across Europe, not just the UK, have raised as a concern,” Sunak told British media in Japan.

“And as a result, we are in dialogue with the EU on how to address those concerns when it comes to car production in general,” he said.



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