As African leaders and players in the private sector set for the Tokyo International Conference on African Development (TICAD), the Trade Commissioner and Managing Director of Japan External Trade Organisation (JETRO, Lagos), Taku Miyazaki, has stated that the conference would review the feedbacks from the previous edition and address critical areas in the continent’s economic development.
About 3,000 delegates including African heads of government, leaders in private sector and Japanese investment community are expected to attend the event.
The Trade Commissioner pointed out that it is not by accident that the first one that will take place on African soil is coming at a time the continent is identified as the biggest frontier of the 21st century with highest economic growth rate among other regions of the world. He however added that the continent needs the vitality of private sector and good government policies to push up the growth level.
Miyazaki said despite the fact that Japan, with Foreign Direct Investment (FDI) in excess of $10.3 billion in Africa last year alone, is passionately seeking further diversification of the continent’s economy and promoting development. He pointed out that topics that are lined up for discussion at the conference would touch majorly on positive developments as they affect various African countries.
Miyazaki said the topic on economic diversification would respond to the slow-down of the African economy due to the decline in global natural resource prices.
He said: “Participants from all African nations and international organisations would discuss how to promote economic transformation to reduce their dependency on primary products. In particular, they will elaborate on how to advance economic diversification and industrialisation including through quality infrastructure investment such as roads and port constructure and renewable energy and development of food value chains”, he said.