At the Japan-Africa Business Forum in Tokyo, leaders from the African Development Bank (AfDB) emphasized Africa’s increasing allure as a prime investment destination for Japanese corporations. Highlighting the continent’s robust growth potential and supported by the AfDB’s risk management initiatives, the forum showcased opportunities ripe for exploration.
Professor Kevin Chika Urama, Vice President and Chief Economist of the AfDB Group, outlined Africa’s lucrative private sector prospects, noting its competitive returns on investment globally. “Strategic investments in Africa not only yield financial gains but also contribute to sustainable development,” Urama stressed.
Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, underscored Japan’s expertise in geothermal technology, which has significantly impacted Africa’s energy landscape. He highlighted Japan’s pivotal role in Kenya’s geothermal sector through Mitsubishi’s technological leadership and discussed Africa’s potential to address Europe’s energy needs via planned interconnections and hydrogen exports.
Organized by the AfDB and Keizai Doyukai, Japan’s Association of Corporate Executives, with support from Japan’s Ministry of Finance, the forum aimed to foster deeper economic cooperation between Japan and Africa. Kazuko Nagura from Japan’s Ministry of Economy, Trade and Industry (METI) announced plans for the upcoming Japan-Africa Public-Private Economic Forum, designed to facilitate Japanese companies’ expansion and networking opportunities in Africa.
Solomon Quaynor, AfDB’s Vice President for Private Sector, Infrastructure, and Industrialization, highlighted the transformative impact of the Fourth Industrial Revolution (4IR) on Africa’s economic landscape. “Technological advancements can significantly enhance productivity across sectors, driving inclusive economic growth,” Quaynor emphasized. He detailed the AfDB’s initiatives to nurture Africa’s startup ecosystem and enhance human capital through partnerships with global technology leaders like Intel.
Yacine Fal, Special Representative of the AfDB President to the Africa Investment Forum, underscored the forum’s critical role in attracting investments across key sectors such as agriculture, energy, transport, healthcare, and ICT. Fal commended Japanese investors and business leaders for their active participation in recent events, citing the success of the 2023 Market Days in Marrakech as evidence of growing Japanese interest in African markets.
Earlier discussions reaffirmed the commitment between Keizai Doyukai and the AfDB to strengthen economic ties ahead of the Tokyo International Conference on African Development (TICAD9).
The Japan-Africa Business Forum not only highlighted Africa’s appeal as a promising investment hub but also underscored the AfDB’s role in facilitating sustainable investments that contribute to Africa’s socio-economic advancement.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
24th June, 2024
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