Japan has exceed its investment in Africa from an expected investment of $3.4 billion to over $6 billion, two years ahead of schedule. This push by Japan in investing throughout Africa is in reaction to Indian, Chinese and South Korean investment as previously reported on. Koichiro Matsuura, a former UNESCO secretary general, said the huge Japanese injection went into expanding business opportunities in African nations. Investment in Africa, has created employment, expanded trade and investment and promoted political stability for peaceful atmosphere for foreign investors leading to Africa’s economic development said Matsuura.
This lecture came from Matsuura, ahead of the Fifth Tokyo International Conference on African Development (TICAD V), which will take place in Yokohama, Japan, from June 1 to 3, 2013. TICAD V seeks to consolidate the shift in terms of the relationship between Japan and Africa from one historically premised on development aid to one designed to facilitate higher levels of trade and investment. TICAD was initiated by Japan in 1993 with the support from the United Nations, the World Bank, the United Nations Development Programme and the African Union Commission.