Japan calls for mass investment in Africa

Africa could turn into a driving force for global economic growth if the Yokohama Declaration issued at the end of the fifth Tokyo International Conference on African Development (Ticad) is anything to go by. The conference brought together leaders of 51 African countries, including President Paul Kagame, as well as representatives of international organisations. While all past Ticad summits have been held in Japan, the declaration contained wording that left open the possibility of holding the next conference in Africa. At a joint news conference, Japanese Prime Minister Shinzo Abe said, “Growth exists in Africa, and now is the time to invest in an Africa that will continue to grow.” ‘Leading edge’ Abe said Africa would be at the leading edge of economic expansion and Japan had to make a commitment in a way that would benefit both sides. “Africa will be a growth centre over the next couple of decades until the middle of this century. Japan will not simply bring natural resources from Africa to Japan. We want to realise industrialisation in Africa that will generate employment and growth,” he said. He added: “The type of growth the Ticad recognises is not just figures. It aims to achieve high quality growth by distributing benefits widely and deeply among people in the society.” In the Yokohama declaration participants in the five-yearly Ticad picked up the theme of developing Africa’s business potential and migrating away from aid. “We’ll encourage expanded trade, tourism and technology transfer, and assist in developing small and midsize local companies. We’ll also support regional integration to expand intra-regional trade and create new opportunities for private sector development and employment,” reads the declaration. Role of private sector It also affirmed that the private sector is a vital engine of growth that needs to be supported and strengthened. It calls for promoting of greater private investment, and improving the investment climate and legal and regulatory frameworks. Participants at the conference, co-hosted by the African Union, the World Bank and the United Nations Development Programme, said they wanted to improve agricultural production on the continent to address food security and improve quality of life for farmers, who constitute a large part of Africa’s economy. An ‘action plan’ adopted on Monday set goals of boosting growth in the agriculture sector by six per cent and doubling rice production by 2018. Meanwhile, Earlier Prime Minister Abe met with the leaders of 10 African nations to discuss reforms of the UN Security Council. Supporting Africa African officials asked Japan to support having an African nation named a permanent member. One participant said that 2015 would be an important year for reform because it would mark the 70th anniversary of the founding of the United Nations. Currently, Rwanda is among three African countries on the United Nations Security Council–all non-permanent members. Japan has also sought the support of Africa in its bid to become a permanent member of the Security Council along with India, Germany and Brazil. With its large number of United Nations members, Africa is considered an important voting bloc.

National

Japan calls for mass investment in Africa