Aston Martin has announced the creation of a £500mn trade and investment UK-Japan deal.
The luxury car brand has stated today that it plans to increase its exports in Japan, open new offices in 2018, and expand the dealership network in the region.
Dr. Andy Palmer, CEO of Aston Martin, made the announcement during a visit to Japan as part of Prime Minister Theresa May’s UK delegation. May is focussing on encouraging British businesses to create and maintain relationships beyond Europe in the run-up to the UK’s exit.
Nigel Driffield, a Professor of International Business at Warwick Business School, has studied the effect of Brexit on Britain’s inward investment extensively, and offered the following expert comment:
"This deal is further evidence of the success of this global brand, and the increased dynamism at Aston Martin under its present leadership.
"With a strong UK production base, this type of investment abroad, designed to support exports rather than support foreign production is unambiguously good news for its local workforce in the UK. It shows continued growth in demand for high value UK exports, something that the UK government needs to support post Brexit.
"However, tied in to the announcement is evidence of the continued need for Aston Martin to source components from abroad. This, one would hope, would be food for thought among those seeking to deliver the Government's industrial strategy in the region.
"The fact that components for an iconic brand such as Aston Martin still need to be sourced from overseas highlights the need for us to focus, not just on the famous brands, but on further developing their supply base locally, with an emphasis on skills, innovation and inward investment as well as exports."