The UK government and Japan’s Sumitomo Corporation have signed a memorandum of understanding aimed at mobilising £7.5 billion ($9.6 billion) in investment into British infrastructure and clean energy projects by 2035, the UK’s Department for Business and Trade said on Tuesday.
The agreement was signed in Tokyo by UK Investment Minister Baroness Poppy Gustafsson and Sumitomo executives Hajime Mori and Hiroyuki Koike. The Japanese trading group plans to focus the investment on offshore wind and hydrogen developments, aligning with the UK’s clean energy and industrial strategy goals.
“This commitment is yet another major vote of confidence in our economy,” Gustafsson said. “Deals like this will create high-value jobs and boost economic growth right across the UK.”
Sumitomo, which already has a presence in the UK’s decarbonisation sector, said the new agreement reflects a deepening of its partnership with the British government. “We welcome the government’s support for private capital,” said Hajime Mori, head of energy innovation. Hiroyuki Koike, CEO for Europe, added the agreement would “further strengthen the relationship between the UK government and Sumitomo Corporation.”
The deal comes on the heels of a Deloitte survey ranking the UK as a leading global investment destination and is part of a broader UK initiative to draw long-term private funding into strategic sectors including energy, infrastructure, and technology.
