Post date: Jun 01, 2013 4:14:42 AM
Japan pledges $32 billion for African development over the next five years in public and private support to help growth on the continent and encourage Japanese investment.
YOKOHAMA, JAPAN (JUNE 1, 2013) (TV TOKYO) - Japan pledged African leaders $32 billion (USD) in public and private support on Saturday (June 1) to help growth on the continent and encourage Japanese firms to invest there over the next five years.
The three day Tokyo International Conference on African Development (TICAD), running from June 1 to 3, will discuss a variety of topics with participants including heads of state as well as political and business leaders from Africa and other nations world-wide."Right now, what is necessary for Africa is investment in the people and in order to make that happen is the Trans-Pacific Partnership in co-operation with the government and its people. In order to realize this new reality a complete change in the system of support for Africa must be made," Japan Prime Minister Shinzo Abesaid.
The package unveiled by Abe includes $14 billion official development aid and $6.5 billion support for infrastructure.
"From here, over the next five years Japan will at most support the development ofAfrica with approximately $32 billion," Abe said.
Resource-poor Japan has long been keen on Africa's vast natural resources, even more so since dependence on oil and gas imports surged following the March 2011 Fukushima nuclear disaster which shut almost all of Japan's nuclear reactors.
Japan's direct investment in Africa was $460 million in 2011, compared withChina's $3.17 billion, according to the Japan External Trade Organization andChinese government data.
Some 50 African leaders gathered for the three-day conference held in Yokohamanear Tokyo to discuss issues such as economic development, peace-making and anti-piracy measures.
Abe will meet more than 40 leaders in less than a week to help Japanese companies make inroads into Africa.
The prime minister, who has been engaged in aggressive diplomacy since he took office in December, has said he plans to visit Africa as soon as possible.
State-run Japan Oil, Gas and Metals National Corp (JOGMEC) will also provide financial support worth $2 billion in the next five years to help Japanese firms' natural resource development projects, aiming to catch up with China.