AU President Sells Continent to Japanese Investors

Africa Union President, Jakaya Kikwete, President of Tanzania, used his opportunity at the podium at the Tokyo International Conference on African Development (TICAD) to sell Africa as an investment destination for Japanese firms. He said it was time Japan look past Africa’s turbulent history and see the great progress the Continent has made in establishing political stability and investment viability. Mr. Kikwete cited that Japan’s total investment of US $415 million in Africa – a mere 0.4% of Japan’s total Foreign Direct Investment flow (with US $352 million going to Egypt and South Africa alone) – was a clear indication that a lot needed to be done to improve Japan–Africa economic relations. Japanese Prime Minister, Yasuo Fukuda, had addressed the Conference earlier and pledged greater Japanese involvement in what he termed as 'The century of African Growth'. Among his pledges is the sending, by the end of the year, of a large-scale economic mission comprising leaders in the public and private sectors to explore business opportunities on the Continent. TICAD attracted a large number of African heads of State and representatives of international organizations.

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