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Japanese businesses pledge UK investment ahead of Sunak meeting

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This includes funding for offshore wind power and other clean energy projects.

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British prime minister Rishi Sunak inspects a guard of honour at Yokosuka Naval Base, ahead of a meeting with Japanese business leaders. (Pool Photo/AP pic)

LONDON:
Japanese businesses have committed to invest almost £18 billion (US$23 billion) in Britain ahead of a meeting with Prime Minister Rishi Sunak today, 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 of investment in Britain with partners over the next 10 years.

Other firms planned to invest in property, the statement said.

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