Japan to increase investment in africa
According to various reputable forecasters, the African economy is expected to grow by more than five percent during 2012/13, while its total Gross Domestic Product (GDP) is expected to reach US$2.6 trillion by the year 2020.
Japan is keen to invest “billions of dollars” in minerals and infrastructure in Africa, trying to catch up to regional rivalChina for influence on the continent, a Japanese trade officials have commented.
Japanese trading firms such as Mitsui & Co, Mitsubishi Corp and Itochu Corp have been in Africa for years.
Japan is currently among the top 5 as South Africa’s trading partner, with two-way trade of nearly R90-billion recorded in 2011. The balance is also in South Africa’s favour, with exports to Japan in 2011 having been R55.6-billion as against imports of R34.3-billion.
Japan is already participating in a uranium project in Namibia and manganese and platinum projects in South Africa. (Editing by Jon Herskovitz and Keiron Henderson)
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