Japanese Prime Minister Shinzo Abe with South African President Cyril Ramaphosa. File photo/AFP
Japan’s prime minister on Thursday warned African leaders against accumulating too much debt, in an apparent reference to Chinese infrastructure projects that some blame for damaging the finances of developing nations.
Addressing leaders from several African nations at a development conference in Yokohama, Shinzo Abe stressed that Tokyo was promoting “quality” infrastructure exports and investments, supported by Japan’s government-backed institutions.
“What should the government do to encourage (entrepreneurs) to exercise their skills?,” Abe asked the Tokyo International Conference on African Development (TICAD).
“If partner countries are deeply in debt, it interferes with everyone’s efforts to enter the market,” he said, introducing financing and insurance schemes by Japan’s government-baked institutions aimed at reducing risks to businesses and public coffers.
He also announced that Japan plans to train experts in 30 African countries in next three years on managing risks and public debts.
The comment came as Abe aims to boost Japan’s presence in the promising African market but many businesses are wary of financial and other risks.
But China, with its ambitious Belt and Road Initiative, now enjoys a massive presence in the continent, having announced $60 billion in development funding for Africa last year.
The Chinese efforts, however, have faced criticism for favouring Chinese companies and workers over local economies, saddling nations with debts and ignoring rights and environmental issues.
Japan stresses that its loans and projects come with fewer strings attached and with sound financial advice and support.
Since 1993, Japan has partnered with African countries to hold the TICAD conference around every five years in a drive to promote aid and business opportunities.
Japan, with its own government funding problems, has struggled to increase its foreign aid money.
It has shifted its focus on encouraging the private sector to invest in Africa.
Investors in Africa must beware of burdening countries with “excessive” debt, Japan’s prime minister warned on Friday, an apparent swipe at China whose Belt and Road
Close on the heels of a meeting of Quad Foreign Ministers, the United States administration made a big push last week to elevate ties with India. Quad, short for Quadrilateral Security Dialogue, is a grouping of the US, India, Japan and Australia.
Robust earnings from Google-owner Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, with data showing the domestic economy slowed lesser than expected in the second quarter providing support.
As optimism grows that the United States and China are nearing a trade deal, Japan kicks off its own negotiations with Washington from Monday, hoping to resolve some of the issues «very quickly.» US Trade Representative Robert Lighthizer and Japan›s Economy Minister Toshimitsu Motegi
"Dubai is an open cosmopolitan city, one that allows different nationalities and cultures to live in harmony and exchange expertise and innovations. We are living in a great era that enables us to show off our talent...," she said.
The basic health screening with 47 tests include CBC, uric acid, diabetic screening with HBA1C, estimated blood glucose, liver screening with ALT, AST, GGT, alkaline phosphatase, total protein, total bilirubin, lipid profile and different kidney tests.
The NCM appealed to the public to be careful and exercise caution while driving during the rain, as well as when the horizontal visibility is not clear, due to rain and winds that raise dust and dirt.