UK and Japan prosperity

Japan is a country that matters enormously to the prosperity of the UK. We benefit more from Japanese investment than any other country in the world apart from the US. By the end of 2014 the total value of Japanese investment in the UK was ￡38 billion – that’s a huge figure. It represents jobs being created, companies thriving, and our manufacturing base expanding.

Japanese firms see Britain as the gateway to Europe. That’s why more than 1,300 Japanese companies have a presence here in the UK, employing more than 140,000 people.

Japanese and UK companies have also worked together to rebuild our now thriving car manufacturing industry, with ￡15 billion invested from Japan since 2012.

And I was delighted recently to be in County Durham with the Chancellor last September for the opening of Hitachi’s rail factory, building trains to connect cities across the United Kingdom. And we will visit Hitachi’s London railway centre together later this afternoon.

This is a strong foundation. But we both want to see more; more jobs, greater growth and increased prosperity for our 2 great countries. And we both agree that the way to that is through a comprehensive Japan-EU free trade agreement. This deal could be worth ￡5 billion a year to the UK economy – that’s ￡200 per household.

Prime Minister Abe and I have agreed today to redouble our efforts to do everything we can to get it signed as quickly as possible, so we can all start reaping the benefits.

Read full press conference statement.