# Japanese businesses pledge UK investment ahead of Sunak meeting
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2023-05-18
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Japanese businesses invest $23 billion in UK, meet Sunak
Meta Description: Japanese companies to invest £18 billion in Britain for clean energy projects ahead of PM Sunak meeting. Marubeni, Sumitomo Electric among firms pledging investments.
URL: https://startupobserver.com/japanese-businesses-pledge-uk-investment-ahead-of-sunak-meeting/

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LONDON (Reuters) – 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.

($1 = 0.7923 pounds)

(Reporting by Kate Holton; Editing by William Schomberg)


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