Why is Japan investing in Africa?

Prime Minister Fumio Kishida has confirmed that Japan has pledged $30 billion (4 trillion yen) for Africa in the next three years. The announcement was made in August during the 8th Tokyo International Conference on African Development. Kavan Choksi says that this investment shows Japan's acknowledgment of the potential in Africa when it comes to various industries.

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Japan's financial investment will concentrate on human resources development and growth efficiency to create a resilient and sustainable Africa while addressing various issues that the African people confront daily. In his speech, Prime Minister Kishida highlighted Japan's support for young African entrepreneurs' ventures and its three-year commitment to educating and training 300,000 Africans in business, medical services and healthcare, education, and agriculture. Before the conference, the Prime Minister met online with several African leaders to discuss his concept of a "new form of capitalism." For Kavan Choksi, this bold move is an excellent opportunity to uplift the lives and industries of people in Africa.

In recent years, Japan's influence in Africa waned due to its lackluster investment in the region, despite years of robust expansion, partly due to the pandemic. This new pledge aims to improve Japan's economic ties with Africa with a strategy to focus on human resources rather than infrastructure. The funds coming from Japan have been provided by both the public and private sectors. Aside from the business aspect, Japan also aims to help Africa with various societal and sustainability issues.

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Even as Japan is facing its own economic difficulties, PM Kishida's outlook remains bright regarding Africa. This pledge also allows private companies in Japan to make investments in the region. This will also allow companies already operating in the region to improve their processes and increase their contribution now that they have the approval of the head of state.

In the next three years, many look forward to seeing whether Japan's investment will be fruitful in Africa. Even as the world continues to stay safe from the pandemic and amidst the tension in some areas, many experts expect Japan to make the most of this opportunity.

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