Japanese businesses pledge UK investment ahead of Sunak meeting

The Marubeni Corp. headquarters stands in Tokyo, Japan, on Tuesday, May 29, 2012. Marubeni Corp. agreed to acquire Gavilon Group LLC for $3.6 billion to gain control of the third- largest grain merchandiser in the U.S. in what would be the biggest deal for the Japanese company.

LONDON : Japanese businesses have committed to invest almost 18 billion pounds ($23 billion) in Britain ahead of a meeting with Prime Minister Rishi Sunak on Thursday, including funding for offshore wind power and other clean energy projects.

Sunak is in Japan for a Group of Seven leaders’ summit and will meet business leaders as Britain prepares to join a trans-Pacific trade pact which includes Japan and Australia.

In a statement, Sunak’s government said companies attending the summit such as Marubeni Corporation and Sumitomo Electric Industries had pledged to invest in Britain.

It said Marubeni, a Japanese trading house, had announced its intention to sign an agreement with the government which envisaged approximately 10 billion pounds of investment in Britain with partners over the next 10 years.

Other firms planned to invest in property, the statement said.

Z24 News

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