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Japanese businesses pledge UK investment ahead of Sunak meeting
Global Banking & Finance Review®
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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)
Investment refers to the allocation of resources, usually money, in order to generate income or profit. It can involve purchasing assets, stocks, bonds, or other financial instruments with the expectation of future returns.
Renewable energy is energy derived from natural sources that are replenished at a faster rate than they are consumed. Examples include solar, wind, and hydroelectric power, which are essential for sustainable development.
Offshore wind power refers to the generation of electricity using wind turbines located in bodies of water, typically oceans or large lakes. It is a key component of renewable energy strategies aimed at reducing carbon emissions.
The UK economy refers to the economic system of the United Kingdom, characterized by a diverse range of industries including finance, manufacturing, and services. It is influenced by domestic policies and international trade relationships.
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