The African Development Bank (AfDB) and key agencies in Japan are working towards stronger cooperation in support of Africa’s development.
The Annual Meetings of the African Development Bank (AfDB) in the city of Ahmedabad, India, provided an important forum for the AfDB to partner with the Japan Bank for International Cooperation (JBIC), the Japan External Trade Organization (JETRO) and the Japan International Cooperation Agency (JICA) to ensure a greater relationship with India.
Speaking at the Meetings on May 24, the Japanese State Minister of Finance, Taku Otsuka, stressed the importance of close collaboration between Japan and India in order to vigorously contribute to sustainable and inclusive development in Africa.
India’s Finance Minister, Ram Meghwal, stressed India’s historic economic ties with Africa and the potential role the India-Japan cooperation could play in further promoting private-sector investment in this context.
AfDB’s Vice-President for Private Sector, Infrastructure and Industrialization, Pierre Guislain, welcomed the proposed cooperation with the private sector and expressed AfDB’s willingness to promote partnerships that will push and sustain the continent’s development.
The meeting was co-organized by JBIC, JETRO and JICA, governmental organizations in charge of economic cooperation, along with the AfDB, in close cooperation with several other institutions from both India and Africa. The forum attracted hundreds of participants, from both the public and private sectors of India, Africa and Japan.
There were vibrant discussions among the panelists including David Rasquinha, Acting Managing Director of the Export-Import Bank of India, who has vast experience and information on the African economy along with knowledge of the policies in both India and Japan.
Private-sector representatives also made presentations showcasing their activities connecting Africa with both India and Japan to promote businesses.
Discussions at the event indicated that India and Japan, including the private sectors of both countries, would have more opportunities to work with each other to pursue opportunities in Africa.
India is geographically closer to Africa and has traditionally taken part in dynamic exchanges of personnel and economic activities with the continent. Japan has particular experience in cooperating with many Asian developing countries through transfer of technology and human development.
Expectations are that with public agencies such as the AfDB, JBIC, JETRO and JICA providing financial, institutional and technical support to the private sector, Japanese investment in Africa in collaboration with Indian corporations may be able to contribute to the improvement of the African economy while also reducing and managing the risks involved.