Tag: Downing Street

The press release issued by 10 Downing Street on 24 May 2023.

The press release issued by 10 Downing Street on 22 May 2023.

Prime Minister Rishi Sunak’s remarks at the at the G7 press conference.

The press release issued by 10 Downing Street on 22 May 2023.

Prime Minister Rishi Sunak met the Prime Minister of India, Narendra Modi, at the G7 Summit in Japan.

Prime Minister Modi passed on his warm congratulations on the coronation of his Majesty King Charles III.

The leaders reflected on the deep ties between the UK and India, rooted in our human connections, and the vital importance of democracy and fair and open trade.

They discussed progress on a UK-India Free Trade Agreement. The leaders agreed that their teams would continue to work at pace to finalise an ambitious and mutually beneficial deal.

The leaders discussed the wider objectives of the G7 Summit and the Prime Minister committed his strong support for India’s G20 Presidency, which comes at a crucial time for global security and prosperity.

He looked forward to working closely with Prime Minister Modi ahead of a successful Summit later this year.

The press release issued by 10 Downing Street on 20 May 2023.

The Prime Minister met the President of the Republic of Korea, Yoon Suk-Yeol, at the G7 Summit today.

In the 140th year of diplomatic relations, the leaders reflected on the deep and historic partnership between the UK and Republic of Korea.

The Prime Minister expressed admiration for Seoul’s global leadership, particularly on defence, security and technology. They discussed North Korea’s deeply destabilising regional activity and agreed on the importance of the DPRK abiding by its international commitments.

The Prime Minister set out the UK’s foreign policy focus on the Indo-Pacific, as demonstrated through our accession to CPTPP, AUKUS agreement and ASEAN dialogue partner status.

The leaders agreed to work at pace towards a much deeper partnership between the UK and Republic of Korea, focused on defence, cyber, technology – including semiconductors – and economic growth.

The press release issued by 10 Downing Street on 20 May 2023.

The Prime Minister met President Joko Widodo of Indonesia at the G7 Summit in Japan this morning.

The press release issued by 10 Downing Street on 20 May 2023.

The Prime Minister met Ukraine’s President Zelenskyy this evening at the G7 Summit in Japan.

The press release issued by 10 Downing Street on 20 May 2023.

The Prime Minister met French President Emmanuel Macron at the G7 Summit in Hiroshima today.

The press release issued by 10 Downing Street on 20 May 2023.

Prime Minister Sunak has redoubled the UK’s commitment to mobilising billions in finance to help get the Sustainable Development Goals back on track.

Prime Minister Rishi Sunak had redoubled the UK’s commitment to mobilising billions in public and private finance to help get the Sustainable Development Goals back on track at the G7 in Japan.

The UK’s development finance institution, British International Investment, is announcing its first investment in the Indo-Pacific today. The $15 million [£12m] investment in the SUSI Asia Energy Transition Fund will support renewable energy, energy storage and microgrid projects across the continent.

The G7 launched the global infrastructure investment initiative under the UK’s presidency in Carbis Bay in 2021, to provide transparent and reliable sources of finance to build vital and long-neglected infrastructure in low and middle income countries, from bridges and roads to renewable energy grids.

The Prime Minister will confirm today, ahead of a side event on the Partnership for Global Infrastructure and Investment at the G7, that the UK will aim to mobilise $40 billion in financing for sustainable infrastructure investment and economic development by the end of 2027.

UK public and private financing has already helped to kickstart a huge range of projects, from wind and solar projects in India to sustainable energy supplies for hospitals in Africa.

Prime Minister Rishi Sunak said:

“We know the transformative power of reliable, responsible private investment. It’s the spark that is helping us to build ports in Senegal and Somaliland, hydropower projects in Rwanda and offshore wind in India.

“The UK is committed to ensuring the Partnership for Global Infrastructure and Investment delivers the financing the world needs to lift communities out of poverty.”

The UK is also working with G7 partners to reform the international tax architecture and make the international financial system more responsive to developing countries’ needs, for example by including Climate Resilient Debt Clauses (CRDCs) in new lending.

These clauses allow debt repayments to be suspended when climate shocks, such as hurricanes, hit. This in turn frees up resources to quickly respond to crises.

UK Export Finance was the first Export Credit Agency to offer CRDCs and the first deals using this new approach are set to be announced over the next few months.

This is part of the UK’s broader work with partners to build a bigger, better and fairer international financial system.

The press release issued by 10 Downing Street on 19 May 2023.

The Prime Minister will set out the UK’s plan to tackle global threats to security and prosperity as he opens a session at the G7 today.

The Prime Minister will set out the UK’s plan to expand the tools we can deploy to tackle global threats to security and prosperity and counter growing economic coercion, as he opens a session at the G7 today [Saturday 20th May] on economic security.

Speaking to G7 leaders, Rishi Sunak will highlight the huge potential costs to the global economy of hostile activity – noting for example the impact of Russia’s stranglehold on European gas supplies last year – and urge bold and pragmatic collective action.

He will urge the G7 and other international partners to coordinate our responses to unfair and coercive trading practices to avoid a costly zero sum game, which could hamper collective prospects for growth and technological innovation.

It comes as leaders are expected to agree to create a new G7 Coordination Platform on Economic Coercion. The Platform will address the growing and pernicious use of coercive economic measures to interfere in the sovereign affairs of other states. China, for example, has recently used its economic power to coerce countries including Australia and Lithuania over political disputes.

The new G7 Coordination Platform will provide a forum to identify vulnerabilities and coordinate on protective measures, drawing on insights from policymakers, businesses and academics. It will also act as the main forum for the G7 to coordinate on rapid responses to economic coercion when it occurs, ensuring we are giving each other early warning of possible crises and taking joint action where necessary.

The Prime Minister will set out the vital importance of precise, targeted and – as far as possible coordinated – approaches to protecting exploitation of our cutting-edge technologies for authoritarian ends, whilst preserving all the benefits of efficient, innovative free markets and open trade.

Prime Minister Rishi Sunak said:

We should be clear-eyed about the growing challenge we face. China is engaged in a concerted and strategic economic contest. And when Russia weaponised Europe’s energy supplies, it was a sign of what can happen when we rely too much on states who don’t share our values.

Our collective economic security matters now more than ever. By working together and avoiding competition between friends, we can lift our prosperity, innovate faster and out-compete autocratic states.

The UK has already taken a number of steps to further bolster our domestic economic security, including launching the new National Protective Security Authority within MI5 earlier this year to provide expert advice to businesses, academics and others. These complement existing export controls and investment screening powers under the National Security and Investment Act.

As the Government set out in the Integrated Review Refresh, we are stronger when we act with allies and partners to defend global rules, build our economic resilience and protect against the exploitation of our economic and technological advantage.

G7 leaders are also expected to step up joint efforts to strengthen the resilience of supply chains for vital goods like semiconductors and critical minerals.

It comes after the UK agreed a new semiconductor partnership with Japan on Thursday [18th] and published the UK’s National Semiconductor Strategy yesterday [19th], which sets out how up to £1 billion of government investment will boost the UK’s strengths and skills in design, R&D and compound semiconductors, while helping to grow domestic chip firms across the UK.

The press release issued by 10 Downing Street on 18 May 2023.

Leading Japanese businesses have committed to invest almost £18 billion in businesses and projects across the UK.

• Japanese businesses commit almost £18 billion investment in the UK as PM hosts business reception in Tokyo
• New finance from firms like Marubeni Corporation and Sumitomo Electric Industries set to create high quality jobs in strategic clean-energy industries
• British businesses like Octopus Energy and Mott MacDonald seize opportunities in Japan as UK prepares to join CPTPP

Leading Japanese businesses have committed to invest almost £18 billion in businesses and projects across the UK, generating growth in key sectors, creating high-skilled jobs and driving technology innovation.

The announcement comes as the Prime Minister prepares to host a business reception in Tokyo today [Thursday 18th], where he will welcome the strength of the UK and Japan’s economic relationship and set out the opportunities to go further.

Japan is already our 5th largest investor with £92 billion invested in the UK, and our trade in goods and services was worth £27.7 billion last year – which is likely to be boosted further when the UK joins the regional CPTPP trade bloc. The Prime Minister will thank Japanese CPTPP Minister Goto in person today for Japan’s strong support for the UK’s membership.

The new investments include funding for offshore wind, low carbon hydrogen and other clean energy projects from Marubeni. The leading Japanese trading house has announced its intention to sign an MoU with the government which envisages approximately £10 billion of investment in the UK with its partners over the next 10 years – including in offshore wind in Scotland and green hydrogen projects in Wales and Scotland.

The company is already supporting 500 UK jobs through its subsidiary SmartestEnergy Limited and will collaborate with government to create a substantial number of new green jobs in the UK.

Mitsubishi Estate and Mitsui Fudosan, two of the largest real estate companies in Japan, are also confirming plans to invest £3.5 billion in the UK today. The planned projects will build affordable housing, high quality office space and life-science laboratory in London, which is expected to support thousands of jobs and help to revitalise areas of the capital.

Sumitomo Corporation intends to expand its UK offshore wind projects, leading to a total investment of £4 billion in projects off the coasts of Suffolk and Norfolk alongside its partners. The major investment further solidifies the UK’s status as a clean energy pioneer and supports Government’s ambition to install 50GW of offshore wind capacity by 2030.

Sumitomo Electric Industries has also announced its decision to build a strategically important high voltage cable manufacturing plant in the Scottish Highlands, bringing more than £200m in investment and creating 150 highly skilled green jobs. This investment will help the UK build resilient supply chains for critical infrastructure such as offshore wind projects and support UK developers to enhance their contribution to UK growth.

The new investment will support growth in some of the UK’s most cutting-edge industries. Toshiba will be expanding operations at their Cambridge Laboratory, for example, which is designing and delivering advanced quantum-safe cryptographic communication solutions – creating more than 30 new jobs initially and investing in excess of £20 million in new technology development.

Prime Minister Rishi Sunak said:

These new investments are a massive vote of confidence in the UK’s dynamic economy, from some of Japan’s top firms.

Working with the Government and British industry they will create the kind of high-quality, reliable jobs and transformative local investment we are delivering around the country.

It’s great to also see leading UK businesses seizing the huge opportunities for growth and collaboration in Japan. As we grow our trade ties further and join the huge regional CPTPP trade bloc, the sky’s the limit for British and Japanese businesses and entrepreneurs.

UK company Octopus Energy is also announcing today its commitment to invest £1.5 billion in the Asia-Pacific energy market by 2027, helping speed up the region’s transition to a cleaner, smarter energy system. Doubling down on its existing Asian headquarters, Octopus will commit £300 million to expand its tech innovation and energy retail hub in Tokyo. This will enable the business to increase its headcount tenfold by 2027, creating 1,000 green jobs for UK and local talent.

As we grow our defence cooperation with Japan, Leonardo UK in partnership with Kawasaki Heavy Industries has been contracted to provide further world-class naval helicopters and Mid Life Upgrade kits for the Japanese Maritime Self-Defence Force, in a deal worth over £150 million in exports.

Building on the UK’s expertise in offshore wind, UK consultancy Mott MacDonald has also secured a major contract to help develop a state-of-the-art offshore wind farm in western Japan that could power more than 175,000 homes with clean energy.

Masumi Kakinoki, CEO of Marubeni Corporation said:

We are thrilled to have forged a robust partnership with the United Kingdom, and we eagerly anticipate collaborating with the UK government to unleash a surge of investment into the nation’s clean energy transition.

This endeavour not only signifies our commitment to the UK’s energy transition, but also reinforces Marubeni’s role as an active participant in the global march towards a sustainable future. We are on the brink of an energy revolution, and it is partnerships like these that will help ensure our shared success.

Greg Jackson, Founder of Octopus Energy Group, said:

International cooperation is the key to creating an energy transition which benefits consumers and economies as well as the climate. Our partnership with Tokyo Gas has grown ever stronger and I’m delighted to be bringing even more investment to Japan and into the UK.

Linking our businesses in Australia, New Zealand and Singapore to the UK and Europe, our operations in Japan have helped create a unique global technology ecosystem benefiting everyone. I’m excited to take it even further with today’s announcement.

Alongside chief executives and CEOs from firms like Nissan, Sumitomo Corporation and Hitachi, the Prime Minister will meet three start-up UK companies at today’s business reception. Winnow, Transreport and Oxentia have just announced new partnerships and offices in Japan, demonstrating the opportunities for growing UK companies to export internationally.

These announcements come as the UK and Japanese governments unveil a new Renewable Energy Partnership which includes building business partnerships to accelerate the deployment of clean energy.