Friday, December 6, 2024
Friday, December 6, 2024
Home » UK Touts $22 Bn in Japanese Investment as Sunak Visits Tokyo

UK Touts $22 Bn in Japanese Investment as Sunak Visits Tokyo

by Freddy Evans
0 comment 123 views

Tokyo – Prime Minister Rishi Sunak Thursday announced Japanese investment of more than $22 billion into the UK, but accepted carmakers’ concern about Brexit trade rules as he confirmed talks with the European Union.

Visiting Tokyo ahead of a G7 summit in Hiroshima, Sunak said the investment by Japanese companies of £17.7 billion ($22.1 billion) was a “massive vote of confidence” in the UK economy.

It includes planned funding of about £10 billion for offshore wind and hydrogen energy projects from Japanese trading house Marubeni, Downing Street said.

Sunak said the deals showed the fruits of post-Brexit Britain becoming the first non-regional economy to accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

But the UK’s divorce from the EU remains a serious headache for companies.

European carmaker Stellantis has warned it could close some UK factories should Sunak’s government fail to tweak Brexit trade rules, to ease the supply of batteries for electric vehicles.

Ford, Jaguar Land Rover and German car industry lobby group VDA have all reportedly joined in calls for tariff-free access to be maintained despite a looming deadline under the EU-UK Brexit deal.

“It’s something that car manufacturers across Europe, not just in the UK, have raised as a concern,” Sunak told British media in Japan.

“And as a result of that we are engaged in a dialogue with the EU about how we might address those concerns when it comes to auto manufacturing more generally,” he said.

Source: iraqinews

You may also like

Yew Media is a global leader in the online news. We seek to inform and engage with our readers. Staffed 24 hours, seven days a week by a dedicated team around the globe, we deliver news from journalists around the world. We are contrarian truth-seekers and truthtellers. We are journalists united by a mission to inform and engage with our readers. We bear witness to history as it unfolds and explain not just what happened, why it happened and what it means to our readers and the public. We are contrarian, we are committed to the news, speaking truth to power.

Yew Media, A Media Company – All Right Reserved.