The Business Secretary has welcomed a move that will see Hitachi transfer its global rail headquarters from Tokyo to London.
This move demonstrates a huge vote of confidence in Britain, its workers and its rail industry from one of Japan's biggest businesses. It follows the company's announcement last year of 750 new jobs at their factory in Newton Aycliffe, which I was delighted to launch with (Transport Secretary) Patrick McLoughlin.
It's further testament to the Government's industrial strategy which is giving companies of Hitachi's stature the confidence to invest in the UK in an expanding rail sector, creating new jobs and increasing exports that will help sustain long-term economic growth.
The UK's stuttering nuclear renaissance received a huge boost on Tuesday when Japanese engineering giant Hitachi took over plans to build two power plants in a £700 million deal which will create thousands of jobs.
ITV News' Business Editor Laura Kuenssberg reports: