General – Investment
The UK government has unlocked £7.5 billion of investment into key growth sectors as the Minister for Investment signed a new deal with the Sumitomo Corporation in Tokyo.
Sumitomo Corporation aims to facilitate £7.5 billion of investment into key UK infrastructure and clean energy projects by 2035, backing the government’s aim to significantly increase long-term business investment into key growth sectors following the publication of the Modern Industrial Strategy and the 10-Year Infrastructure Strategy.
This latest vote of confidence reaffirms the UK’s position as a global investment destination and builds on the positive findings from Deloitte’s latest survey, which found that finance leaders see the UK as the joint-most attractive destination when it comes to investment.
Minister for Investment Baroness Poppy Gustafsson CBE said: “The UK is a top investment destination for Japanese businesses, so I’m delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working. We’re serious about clean energy as a key growth sector, and deals like this create high value jobs, encourage further investment into our world-leading industry and help boost economic growth right across the UK.
Hajime Mori, Managing Executive Officer, Group CEO, Energy Transformation Business Group, Sumitomo Corporation said: “We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK’s new industrial strategy, clean energy is designated as a priority sector. Through this agreement with Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK.”
Hiroyuki Koike, Managing Executive Officer, General Manager for Europe, Sumitomo Corporation said: “We are inspired by the UK government’s active promotion and support of private investment, which has helped to improve the business environment in many areas. We hope that this comprehensive MOU with the Office for Investment will further strengthen the relationship between the UK government and Sumitomo Corporation, and that we will contribute more to the development of the UK economy and society through our business.”
