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UK benefits from £200 million Japanese Investment

Japan is to invest more than £200 million into the UK economy, in a move which is set to create almost 1500 jobs, whilst safeguarding thousands more.

The Prime Minister David Cameron made the announcement on a UK trade delegation to Japan, in a move which is of huge significance to the UK economy.

In 2011 UK exports of goods to Japan were £4.4billion – up seven per cent on the previous year. Japanese inward investment was worth more than £26 billion, safeguarding over 130,000 jobs.

Key proposals include investment in Nissan’s Sunderland plant to secure the production rights for an all-new hatchback model from 2014, a £2 million investment by Panasonic in a new fuel cell and development centre in Cardiff, and an £89 million investment for Edinburgh by Mitsubishi to scale up a new type of wind turbine generator.

North East automotive manufacturer Calsonic Kansei has also received a £15.3 million investment, which will help them to create 145 new jobs and see the company expand its range of products.

Councillor Paul Watson, the Leader of Sunderland City Council said: “We worked very closely with Calsonic Kansei to work up these proposals and we’re delighted to see this go ahead, creating a further 145 news jobs in Sunderland and the £15 million investment that goes with it.

“It’s yet more good news on the jobs front for Sunderland after the recent announcements by Nissan, Vantec and SNOP.”

The Trade Minister Lord Green has also signed a Memorandum of Understanding with the Japan Bank for International Cooperation, to support increased infrastructure investment by Japanese companies into the UK, in support of the National Infrastructure Plan.

The deals which have been announced further cement the strong relationship between the two nations, and It is hoped that Japanese companies with particular skills and attributes will now be able to contribute further to UK infrastructure investment.

Lord Green said: “Bilateral trade with Japan is important for our future prosperity.

“These business announcements make the most of the world-leading skills and research and development that are present in the UK in sectors from renewable power to advanced engineering and electronics.

“I hope more UK companies will look to Japan as a good place to do business and more Japanese companies will consider investing in the UK.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .