Japan’s Prime Minister Shinzo Abe on Wednesday said his country will offer enhanced trade insurance to boost private sector investment in Africa, reported Reuters. African government institutions and private companies buying Japanese goods for infrastructure projects in Africa would be offered full coverage loans.
While addressing leaders from several African nations and representatives of international organizations at the seventh Tokyo International Conference on African Development (TICAD) in Yokohama on Wednesday, Abe said his government was determined to step up its engagement with the continent. He pledged to ensure private investment for the next three years will surpass the US$25.6 billion (S$36 billion) that has been invested in Africa since 2016.
“Let me make a promise,” Abe told the conference attendees. “The Japanese government will do its utmost so that our private-sector investment in Africa, which came to $20 billion over the past three years, will be expanded continuously.”
The Japanese prime minister said that the government will do whatever it takes to assist the advancement of Japanese companies into Africa. He added that new TICAD will provide limitless support for investment and entrepreneurship.
Abe said Japan will train 3,000 people over six years under a human resource development program for the continent, to ensure a steady stream of talent who can contribute to the economic and business relationship between Japan and Africa.
“They will be the pilots Japanese companies can count on,” the prime minister said.
Abe said that the government will also launch a new approach for peace and stability in Africa.
China currently has a major presence in the continent with its ambitious Belt and Road Initiative. Last year, the Chinese government had announced $60 billion in development funding for Africa over the next three years.
The TICAD runs through Friday in Yokohama. This year leaders from around 40 African nations have taken part in the conference.
