U.K. and Japan deepen bilateral ties with new defense and tech pact
Written by Samson Ojeniran on May 18, 2023
UK Prime minister, Rishi Sunak has agreed to new defence and economic deals with Japan in a visit to Tokyo, ahead of the G7 summit in Hiroshima.
The PM announced that Japanese firms would be investing almost £18bn in the UK.
Around £10bn of the investment is coming from trading and investment business conglomerate Marubeni and is earmarked for offshore wind and green hydrogen projects in Scotland and Wales.
Similarly, Sumitomo Corporation intends to inject £4bn in offshore wind projects off the Suffolk and Norfolk coastline.
The government said both investments would further solidify “the UK’s status as a clean energy pioneer” and would help it achieve its net zero target by 2030.
The announcement came as Sunak hosted a reception in Tokyo highlighting the strength of the UK and Japan’s economic relationship ahead of the UK joining the regional CPTPP trade bloc (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership).
The government said Japan was the fifth largest investor in the UK, with trade in goods and services worth £27.7bn last year.