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

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. Abe said that Japan will aim to foster 3,000 industrial personnel and 5,000 specialists with high skills and expertise in the science, technology and innovation fields over the next six years to prepare an environment for Japanese companies to expand into Africa. Japan's engagement with Africa, including in medical services, mine clearing and the construction of quality infrastructure such as ports and roads, "takes place on an extremely long-time axis," he noted. "One-off undertakings are exceedingly rare," he continued, emphasizing Japan's support over a long period of time, in contrast to China, which is rapidly expanding its investment in Africa. Meanwhile, Abe called on African nations to cooperate for the free and open Indo-Pacific vision proposed by Japan and the United States, saying that his country will protect the oceans connecting Japan and Africa as a public property for the international community under the rule of law. For TICAD 7, Japan has invited 54 African nations. With Sudan, whose African Union membership has been suspended, allowed only to participate in related meetings, 53 African nations are attending plenary sessions of the international conference. A record 42 countries are sending top leaders to TICAD 7. The Japanese government hopes to announce a wide range of support measures for Africa, such as sending debt management advisers to heavily indebted nations and offering debt management training for 30 countries. Participants will release a Yokohama declaration to sum up their discussions and an action plan on Friday, the final day of the conference. In line with the conference, Abe on Wednesday kicked off a series of meetings with some 50 participants, including Egyptian President Abdel-Fattah al-Sisi, who currently serves as chairman of the AU, and U.N. Secretary-General Antonio Guterres. Abe asked Sisi and others to cooperate for resolving the issue of North Korea's abductions of Japanese nationals decades ago. Sisi stressed his country's complete solidarity with Japan over the matter, and Guterres expressed his support. END