MEDIA RELEASE: Business Secretary to recognise achievements of Hitachi chairman at Asian Business Leaders Award

The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy

The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, will present the Asia House Asian Business Leaders Award to Hitachi chairman Hiroaki Nakanishi on 1 November at Banqueting House

MEDIA RELEASE: Business Secretary to recognise achievements of Hitachi chairman at Asian Business Leaders Award

23/08/16

Media Release

LONDON UK: Asia House is delighted to announce The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, will speak at the Asia House Asian Business Leaders Award 2016. The Award will be presented to Hiroaki Nakanishi, Chairman of the Board, Representative Executive Officer, Hitachi, Ltd., at a gala event to be held at Westminster’s Banqueting House on 1 November 2016.

The Asia House Asian Business Leaders Award highlights the link between economic success and professional excellence accompanied by moral leadership and service to society. Mr Nakanishi was selected as the recipient of this year’s Award in recognition of his achievements over the course of his five-year tenure at the helm of Hitachi, a Japanese multinational conglomerate company headquartered in Tokyo.

Japan was the first overseas destination Clark chose to visit as Business Secretary, meeting with investors to discuss the UK’s post-Brexit strategy. Whilst there, Clark met the Minister of International Trade and Industry, Motoo Hayashi, to discuss the opportunities available for inward investment in the UK.

Speaking prior to his departure, Clark said: “Japan is one of our key economic partners and second largest inward investor and we want to see our partnership continue to grow and flourish. I am travelling to Japan at the earliest opportunity to ensure we are working closely with businesses in every part of the world to demonstrate the huge potential available and give them the certainty they need to invest and grow in the UK.”

Japan’s Prime Minister Shinzō Abe visited the UK in May this year, meeting with the UK’s then Prime Minister David Cameron to discuss the future of UK-Japan relations. Whilst in the UK, Abe visited the Hitachi Rail Europe maintenance depot in West London with Cameron for a tour hosted by Mr Nakanishi.

Under Mr Nakanishi’s leadership Hitachi is now a key investor in the UK’s rail and nuclear sectors. In 2014, Hitachi announced that it would make London the headquarters of its global rail systems business and in 2015 the company opened its £82m rolling stock manufacturing facility in County Durham creating 730 jobs. Hitachi Group’s operations in Europe employ around 20,000 people, of which 5,000 are in the UK. These operations represent around eight per cent of Hitachi Group’s global net sales.

There are more than 1,300 Japanese companies in the UK employing more than 140,000 people. By the end of 2014, Japanese investment in the UK totalled £38 billion, £15 billion of which has been invested in the UK’s now thriving car manufacturing industry. Nissan has invested around £4 billion in its British manufacturing base and Toyota has invested over £2.2 billion in its UK operations. In July 2016, it was confirmed that UK technology firm ARM Holdings will be taken over by Japan’s SoftBank in a deal worth more than £24bn. Masayoshi Son, CEO of SoftBank, has promised to double ARM’s 1,600 employees in the UK over the next five years.

Previous recipients of the Asia House Asian Business Leaders Award include Nazir Razak, Chairman of CIMB Group; Ho Ching, Executive Director and CEO of Temasek: Jack Ma, Chairman and Founder of Alibaba.com; Ratan Tata, Chairman of Tata Group; Lubna Olayan, Chief Executive of Olayan Financing Company; and Azim Premji, Chairman of Wipro.

For more information about this media release and for press enquiries please contact Lucy Tomlinson at lucy.tomlinson@asiahouse.co.uk or +44 (0) 207 307 5451.

ENDS

Asia House is the centre of expertise on Asia. It drives economic and political engagement between Europe and Asia by providing a forum for senior decision-makers, business leaders and opinion formers to engage in high-level discussions that direct business and policy strategies. It is the leading pan-Asian organisation in the UK, having built its reputation on its extensive network, its objectivity and its independence.

The Rt Hon Greg Clark MP was appointed Secretary of State for Business, Energy and Industrial Strategy on 14 July 2016. He was elected Conservative MP for Royal Tunbridge Wells in 2005. Prior to working in politics, Clark worked for the Boston Consulting Group, a global business strategy firm. He has also worked as Head of Commercial Policy at the BBC.

Read more about Mr Nakanishi, Hitachi Ltd. and the Asia House Asian Business Leaders Award here.