During a visit to Tokyo ahead of the G7 summit in Hiroshima, Rishi Sunak struck new defense and economic ties with Japan.
The Prime Minister proposed a collaboration involving stronger UK-Japanese cooperation between armed forces, cyber-agencies, and semiconductor businesses while speaking on board the JS Izumo aircraft carrier.
He also stated that Japanese corporations would invest nearly £18 billion in the UK.
However, Labour claimed that under the Conservatives, foreign investment had dropped.
The government emphasizes that it sees the region as a source of economic potential for the UK post-Brexit, as well as a means of countering China’s strategic threat.
Marubeni, a trading and investment company, is putting up about £10 billion for offshore wind and green hydrogen projects in Scotland and Wales.
Similarly, Sumitomo Corporation plans to invest £4 billion in offshore wind projects off the coasts of Suffolk and Norfolk.
Both investments, according to the government, would assist the UK achieve its net zero aim by 2030 and further reinforce “the UK’s status as a clean energy pioneer.”
Mr Sunak made the statement as he attended a reception in Tokyo to promote the strength of the UK-Japan economic connection ahead of the UK’s membership in the regional CPTPP trade bloc (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership).
According to the government, Japan was the fifth largest investor in the UK last year, with trade in products and services worth £27.7 billion.
Mr Sunak described the new investment as a “massive vote of confidence in the UK’s dynamic economy” from some of Japan’s leading companies.
“The sky’s the limit for British and Japanese businesses and entrepreneurs.”