Japanese Companies Zooming in on African Market
Tokyo, Sept. 1 (Jiji Press)--Japanese companies are looking to grab opportunities in Africa, seen as the last frontier in the global economy, with a population estimated to balloon to 2.5 billion in 2050.
They are relying on their technological edge to catch up with companies from China and elsewhere that have been investing vigorously on the continent.
"It is necessary to tackle the energy sector for the growth of the African economy," Toshiba Corp. <6502> President Satoshi Tsunakawa said at a meeting held Wednesday on the sidelines of the Seventh Tokyo International Conference on African Development, or TICAD 7, a Japan-led international conference that brought together leaders from Africa to discuss the emerging continent's development.
Demand for infrastructure is expected to increase, as much of Africa lacks electricity. Toshiba, which has worked on geothermal power generation facilities in Kenya, "is eager to cooperate with many countries and companies," Tsunakawa said.
Major trading houses such as Mitsubishi Corp. <8058> and Marubeni Corp. <8002> are also working to introduce renewable energy in areas without power grids.
[Copyright The Jiji Press, Ltd.]