The UK government and Japan’s Sumitomo Corporation have signed a collaboration agreement that aims to steer over £7bn into British infrastructure and clean-energy schemes by 2035.
Investment minister Baroness Poppy Gustafsson (pictured) inked the £7.5bn memorandum of understanding in Tokyo with Sumitomo executives Hajime Mori and Hiroyuki Koike.
The trading house will focus the cash on offshore wind and hydrogen developments, supporting London’s ambition to become a “clean energy superpower” and deliver its Modern Industrial Strategy.
Gustafsson said the commitment is “yet another major vote of confidence in our economy”, adding that deals of this kind will “create high-value jobs” and “boost economic growth right across the UK”.
Sumitomo’s Mori noted the company’s existing foothold in UK decarbonisation projects and welcomed government support for private capital. Europe chief Koike said the accord would “further strengthen the relationship between the UK government and Sumitomo Corporation”.
The pact follows last week’s Deloitte survey placing the UK as a joint-top global investment destination and comes amid a wider government drive to accelerate long-term private funding into key growth sectors.