Ishiba to launch new regional economic initiative
Japanese Prime Minister Shigeru Ishiba plans to launch a new economic initiative to strengthen ties with India, the Middle East and Africa at an international conference near Tokyo next week, people familiar with the matter said Wednesday.
The initiative is aimed at helping Japanese companies expand operations in these areas, while contributing to economic development there. It will be included in a joint statement to be adopted at the ninth Tokyo International Conference on African Development, set for Aug. 20-22 in Yokohama, Kanagawa Prefecture.
Ishiba will chair the conference, which will bring together African leaders to discuss measures to support the region.
Under Ishiba's new initiative, which is part of Japan's push for a free and open Indo-Pacific, Tokyo plans to expand its focus of regional economic cooperation beyond areas east of India, such as Southeast Asia.
The Japanese government also aims to counter China's growing economic influence on Africa.
In particular, Tokyo plans to help Japanese firms operating in India and the Middle East expand trade and investments in Africa. It will take steps, including providing aid and hosting forums, to build a free and fair economic area across the regions.
"We will set up a framework for economic development through collaboration with India and the Middle East, rather than one-on-one links with Africa, to bring benefits to Japan," a Japanese government official said.
Participants at the TICAD conference are expected to reaffirm the importance of free trade in the face of steep US tariffs.
