JBIC Signs MOU with UK's Department for International Trade for Mutual Cooperation in Promoting Japanese Investment in the UK
- Area: Europe
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed today a memorandum of understanding (MOU) with the United Kingdom's Department for International Trade (DIT)*1
to promote infrastructure investments by Japanese companies in the UK.
This MOU is aimed at the collaboration between JBIC and DIT, through close dialogue, for the purpose of further supporting the efforts of Japanese companies to invest in infrastructure projects in the UK, such as low-carbon power generation and high-speed rail. This MOU also incorporates updates made to the existing MOU with the former UK Trade and Investment (currently replaced by DIT) that JBIC signed in April 2012*2
In March 2016, the UK government launched its National Infrastructure Delivery Plan 2016-2021, which outlines details of over GBP480 billion of investment in over 600 infrastructure projects and programs across the UK to 2020-21 and beyond. The government has been continuing proactively to attract foreign investment into UK infrastructure through DIT and many Japanese companies have shown their interest in investing in the UK. Under such circumstances, the strengthening of cooperation between JBIC and DIT is intended to further encourage Japanese companies to conduct business in the UK.
JBIC will continue to help Japanese companies to participate in infrastructure projects in the UK in cooperation with UK government organizations, and provide financial support for the further deepening and development of economic relations between Japan and the UK.
- *1 The Department for International Trade is a UK government department with responsibility for international trade and investment. It provides assistance to UK-based companies seeking to set up or expand their businesses outside of the UK, and to foreign companies that want to invest in the UK.
- *2 For details, please refer to the press release issued on April 10, 2012.