Japanese tech and auto giants including Fujitsu, Nissan and Hitachi could leave the UK, with the catastrophic loss of 140,000 jobs, if the UK fails to secure vital agreements in its Brexit negotiations.
At the weekend, as the G20 summit in China got under way, Japan issued a memo listing demands, including continued trade with no customs duties, and harmonised regulations and standards between the UK and EU.
Across the UK, Japanese companies employ 140,000 people.
Japanese ambassador Koji Tsuruoka stressed that Japan wants to see Brexit turn out to be a success.
All about the profit
According to The Independent, in an an interview on BBC Radio 4, Tsuruoka said that Japanese companies with subsidiaries in the UK are watching developments closely.
“Their duty is to produce profits. If the way Brexit ends up does not provide companies with a prospect of making sufficient profits to continue operating in the UK, of course, there’s no option they cannot choose – all options are open.”
On 23 June, the UK effectively voted to leave the EU. While negotiations have yet to take place, and the process may take years, there are fears the separation from the EU could hurt the UK’s tech economy.
Car manufacturing image via Shutterstock
Get your early bird tickets now!