MEDIA RELEASE: Japan is a greatly valued partner, says UK Business Secretary Greg Clark

Greg Clark MP has said that it is the quality as well as the quantity of Japan's investment in the UK that makes the relationship so fruitful

UK Business Secretary The Rt Hon Greg Clark MP has told Asia House ahead of the Asian Business Leaders Award next week that it is the quality as well as the quantity of Japan's investment in the UK that makes the relationship so fruitful

MEDIA RELEASE: Japan is a greatly valued partner, says UK Business Secretary Greg Clark

28/10/16

Media Release

LONDON UK: Asia House is delighted to announce that The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, will recognise the achievements of Hiroaki Nakanishi, Chairman of the Board, Representative Executive Officer, Hitachi, Ltd., at the Asia House Asian Business Leaders Award 2016 dinner. Mr Clark will make a speech and present the award to Mr Nakanishi at the dinner, which will be at Whitehall’s Banqueting House.

Mr Nakanishi was selected as the recipient of this year’s Asian Business Leaders 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. The award celebrates the enormous social impact of commercial enterprise which, at its best, promotes values of leadership and service that can be felt far beyond the boardroom.

This month, Mr Clark made his second trip to Japan following his appointment as Business Secretary, visiting executives in the car, nuclear and life sciences industries. He met with Motoo Hayashi, Japan’s Minister of Economy, Trade and Industry, to discuss the UK-Japanese economic relationship and opportunities for inward investment in the UK.

The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy, said: “The UK is a global powerhouse and Japan our second biggest investor is a greatly valued partner.  It is the quality as well as the quantity of that investment that makes the relationship so fruitful, nowhere is this more evident than in cutting-edge fields of technology and innovation, which I have seen first-hand during my recent visits to the automotive, nuclear and life sciences sectors in Japan.

“So I am delighted to be honouring the achievements of Hiroaki Nakanishi whose inspired leadership has turned around his company and contributed greatly to the beneficial ties between our two countries.”

Japan is currently the second biggest investor in the UK with more than 1,300 Japanese companies employing over 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 thriving car manufacturing industry. Nissan has invested around £4 billion in its British manufacturing base, with it being announced this week that the company will build two new car models at its Sunderland plant. 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.

Sir John Boyd, Chairman of Asia House, said: “We are delighted to honour a business leader of the stature of Hiroaki Nakanishi with the Asian Business Leaders Award in Asia House’s 20th year. Mr Nakanishi led arguably the greatest turnaround in Japanese corporate history and has, among other accomplishments, underlined the vital importance of innovation, placing products and solutions aimed at solving global issues at the heart of Hitachi’s business.”

In 2015, Mr Nakanishi was appointed as an Honorary KBE by Her Majesty The Queen in recognition of his distinguished services to UK-Japanese business.

Previous recipients of the Asia House Asian Business Leaders Award include Nazir Razak, Chairman of CIMB GroupHo 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 the Asia House Asian Business Leaders Award here.