Fujitsu Ltd, Japan's leading IT vendor, will invest more than $1.2 billion in cloud computing services next financial year, its president said Friday.

Fujitsu is looking for new products and services as it tries to counter a crimp on corporate and public spending on new IT services amid weak economic growth that is pressuring earnings.

(Reporting by Reiji Murai; Writing by Tim Kelly; Editing by Edwina Gibbs)