Japan Calls for Private Investments in Africa at TICAD 9

Yokohama, Aug. 21 (Jiji Press)–Japan called on the private sector to increase investments in Africa, at the ongoing Ninth Tokyo International Conference on African Development, or TICAD 9, on Thursday.

“We will promote the expansion of Japanese companies (into Africa) and the development of local industries (on the continent),” said former Japanese Prime Minister Fumio Kishida, acting chair of the conference, which runs for three days through Friday in Yokohama, south of Tokyo.

“It’s more important than ever to leverage the energy of the private sector for the sustainable development of Africa, amid growing demand for funding to address social and economic challenges,” Kishida noted.

He explained Japan’s plans to offer solution-based development aid through the Japan International Cooperation Agency and to enhance cooperation between Japanese companies and African startups.

In light of global protectionist movements, the former prime minister emphasized the importance of multilateral trade systems centered on the World Trade Organization and based on rules. He indicated that Japan will work under incumbent Prime Minister Shigeru Ishiba’s initiative to create an economic zone stretching from the Indian Ocean to Africa.

[Copyright The Jiji Press, Ltd.]