Japanese telecoms giant NTT Group is set to make London home to its international headquarters, it is reported.
Foreign secretary Jeremy Hunt held discussions with NTT over the project yesterday while in Tokyo, according to the Financial Times.
While no official confirmation has been made, NTT is set to pick London, according to British government officials speaking anonymously to the FT.
“It’s clear Britain is the most attractive destination,” a source said. “The global financial hub, the tech triangle between Oxford, Cambridge and London, and the UK’s open society are all contributing factors.”
NTT is currently in the process of merging several subsidiary units including NTT Communications, NTT Security and Dimension Data, and will set up its international headquarters in London following this, the FT reported.
The networking firm is due to reveal its new branding and strategy for the combined units in July.
It comes as other Japanese giants scale back their investments in the UK, with both Nissan and Honda choosing to move car production abroad.
Honda will close its factory in Swindon while Nissan has opted against building its X-Trail SUV at its Sunderland plant, choosing Singapore instead despite a government bid to offer it £60m in funding.