Abe Vows to Expand Investment in Africa at Start of TICAD 7

Politics

Yokohama, Aug. 28 (Jiji Press)--Japanese Prime Minister Shinzo Abe on Wednesday promised to expand private-sector investment from the nation to Africa, at a key international meeting on support for countries in the continent that started the same day for a three-day run.

In his keynote address at the Seventh Tokyo International Conference on African Development, or TICAD 7, in Yokohama, south of Tokyo, Abe noted that Japanese private investment in Africa totaled 20 billion dollars in the three years from 2016, when the previous TICAD meeting was held.

He stressed that Japan will shift its pillar of support from aid by the government to investment by the private sector, aiming to increase such investment in the next three years from the level in 2016-2018.

Tokyo will make "every possible effort" so that the amount in the past three years will be surpassed in the coming three years with the power of Japanese private investment, he said.

"We will do whatever...to assist the advancement of Japanese companies into Africa," he added, suggesting that the Japanese government will create a system of entirely covering risks involved, such as those related to project financing, with trade insurance.

[Copyright The Jiji Press, Ltd.]

Jiji Press