Since this is a further example of the joint venture approach which I advocated when I was in Japan, I particularly welcome the GEC-Hitachi joint venture because:
(a) it would save a large number of jobs which were very seriously threatened in an area of high unemployment;(b) it will enable Japanese technology to be applied to British industry;(c) it will increase efficiency and exports and it will save on imports;(d) it shows that yet another major international company has chosen the United Kingdom as a base for its manufacture for the whole of Western Europe;(e) GEC already source over half of their non-tube components and materials from within the United Kingdom and the new joint venture will make the maximum use of United Kingdom tubes, components and materials, subject to commercial considerations;(f) there will be extra investment to improve the quality of the components; this will add to the capability of the British component industry and help improve the quality and reliability of British-made consumer electronics.I have previously made it clear that the Government would strongly support all investment in industry which was in the national interest. This is a very good project. It is strongly in the national interest.