Yokohama: The acting chairman of the African Union (AU), Joo Louren§o, who is also the Head of State of Angola, has called for increased Japanese participation in the African Continental Free Trade Area (AfCFTA) during his speech at the opening of the TICAD9 Business Fair in Yokohama, Japan. He emphasized the importance of strategic partnerships with international players like Japan to realize Africa's developmental goals outlined in the African Union's Agenda 2063.
According to Angola Press News Agency, Louren§o highlighted the limitless business opportunities presented by the AfCFTA, urging Japan to play a fundamental role in enhancing the living conditions across Africa. He underscored the potential for Japanese cooperation in critical areas such as energy transition, digital transformation, human capital development, and industrialization. Louren§o also extended an invitation to Japanese investors to join the Lobito Corridor, a transnational initiative aimed at revolutionizing transportation and international trade across continents.
The TICAD Business Fair serves as a pivotal platform for African and Japanese business leaders to forge strategic investment partnerships in key sectors, including energy, agriculture, manufacturing, and the digital economy. Established in 2018, the African Continental Free Trade Area seeks to boost intra-African trade, reduce customs barriers, and establish a common market to enhance the continent's global competitiveness.
Louren§o expressed his enthusiasm for opening the business forum, highlighting the event's significance in fostering dialogue and collaboration between Africa and Japan. He noted that TICAD conferences, which began in 1993, have been instrumental in addressing Africa's primary concerns and evaluating Japan's capacity to support the continent's development through resource and technical expertise.
Reflecting on TICAD 8 held in Tunisia in 2022, Louren§o recalled Japan's announcement of a $30 billion investment over three years to support Africa's public and private sectors. This financing aims to promote private sector growth, human capital development, and green initiatives, with a strong emphasis on food security-a priority area where Japan has shown a firm commitment. The ongoing collaboration is expected to strengthen trust and mutual benefits between Africa and Japan, driven by shared interests.
