Ishiba announces initiatives to develop trade, investment in Africa
YOKOHAMA—Prime Minister Shigeru Ishiba announced several initiatives Aug. 20 to encourage Japanese companies to move into the African market.
He spoke at an event related to the Ninth Tokyo International Conference on African Development (TICAD 9), which began in the afternoon.
Ishiba announced the Indian Ocean-Africa economic zone initiative to contribute to the development of a huge area from west of the Indian Ocean and covering the African continent.
'Under this initiative, we will further link Africa with the nations in the Indian Ocean region and support efforts in Africa for regional integration and industrial development so that further growth can be achieved,' Ishiba said.
The initiative intends to establish an environment to allow for further investment and trade in Africa by Japanese companies.
With an increase in Japanese companies exporting to Africa from manufacturing bases in India and the Middle East, the government also plans to utilize official development assistance to set up a distribution network linking African nations as well as the continent with countries outside the region.
The government also plans to establish an organ to match Japanese companies with those from other nations to allow for greater moves into the African market.
Under a broader plan to create a free and open Indo-Pacific (FOIP) region, the government is seeking to achieve an international order based on rules for the area from Asia to Africa.
The latest initiative announced by Ishiba is one part toward the creation of a FOIP as well as to strengthen ties with the Global South group of newly emerging and developing nations.
Another initiative announced by Ishiba was a proposal to use ODA to help cultivate the Nacala Corridor development project to link copper mining nations in the African interior with ports on the African east coast.
'This will not only promote African regional integration, but also strengthen the links between Indian Ocean nations and Africa,' Ishiba said.
One aim of the initiative is to also bolster Japan's supply chain for important minerals.
Forty-nine of the 54 African nations are expected to take part in TICAD 9, which continues until Aug. 22.
Japanese companies and organizations are expected to sign about 300 memorandums of understanding regarding cooperative projects with Africa.
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