(3 Minutes Read)
The 3rd edition of the Japan-Africa Public-Private Economic Forum was held in Abidjan on 16th December 16, 2024, in the presence of members of governments, leaders of Japanese companies and African employers’ organisations.
At the Japan-Africa Public-Private Economic Forum that opened in Ivory Coast, Masaki Ogushi, Japan’s vice minister of trade and industry, said that Japan wants to ” accelerate trade with Africa.” Trade relations between Tokyo and the continent remain weak. This year again, an additional budget of around 1 billion dollars is planned to boost investment opportunities for the benefit of Japan and Africa, by creating sectors of the future, said Ogushi.
Ogushi said his country is ready to support Africa in connectivity, socio-economic infrastructure and energy transition. Japan also intends to support its start-ups in penetrating the African market. This forum shows that Africa today arouses a lot of interest from international partners, due to its potential for economic growth, its resources, and its multi-sectoral dynamism. Several Japanese start-ups made pitches, presenting their technological know-how. Masaki Ogushi hoped that African countries would seize the opportunity to further develop exchanges with Japanese companies.
According to the World Bank, only 36% of Africa’s 1.3 billion people have access to the internet, with services of substandard quality. Despite significant progress, the pace of connectivity remains a major challenge for the continent. Public-private partnerships are needed to finance internet investment. Some USD 86 billion is needed to connect the whole of Africa, according to experts.
The President of the Ivorian Employers’ Association, Ahmed Cissé, on behalf of the Federations of West African Employers’ Organizations, expressed the hope that relations between Japanese and African companies would lead to joint ventures and partnerships to take advantage of economic opportunities.
Ahmed Cissé welcomed this forum, which is being held in Ivory Coast for the first time in West Africa. He called for cooperation in the fields of digital, green finance and logistics. The first two editions were held in South Africa and Nairobi. The Ivorian Minister of Trade and Industry, Dr Souleymane Diarrassouba, recalled that trade between Africa and Japan stood at 26 billion US dollars in 2023. Japan is among the top four economic powers in the world.
Read Also:
https://trendsnafrica.com/ticad-8-the-time-testedcommitment-of-japan/
The growth of trade with the continent is supported by the establishment of the Tokyo International Conference on African Development (TICAD), an initiative whose first edition was organised by the United Nations in October 1993 in Tokyo. TICAD, which aims to encourage the international community to provide more support to Africa and developing countries, translates into promoting inclusive development according to local culture.
At the 2022 TICAD, Japan announced USD 30 billion in support for African countries over the next three years. In addition, Japan supports African countries in their development process. And this is within the framework of a win-win partnership.
