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Yomiuri Shimbun file photo The Economy, Trade and Industry Ministry
The Yomiuri Shimbun
21:00 JST, December 7, 2024
A new framework will be established to support collaboration between Japanese companies and African start-ups so that Japanese businesses can expand into the growing African market. The Economy, Trade and Industry Ministry will take the lead in the initiative, with the Japan External Trade Organization also participating.
The initiative will officially be announced during the Japan-Africa Public-Private Economic Forum, an economic dialogue to be held on Dec. 16 in Cote d’Ivoire.
Africa has been a challenging region for business expansion due to its underdeveloped infrastructure. However, local start-ups in sectors like e-commerce and fintech have gradually gained traction. Japanese venture capital firms are also investing in these companies.
The new initiative will act as a bridge between Japanese companies and local start-ups, assisting in the creation and promotion of new business models through joint business planning. The initiative envisions collaboration with local e-commerce and fintech firms to engage in consumer-oriented ventures. Applications for companies to participate will open early next year.
Africa’s population is projected to grow from the current 1.5 billion to 2.4 billion by 2050. Rich in natural resources such as oil and minerals, the region is seeing increasing influence from China in recent years. In response, the ministry aims to encourage Japanese companies to enter the African market.
Japan established the Tokyo International Conference on African Development (TICAD) framework in 1993 to support African development. At the 2016 conference, Japan announced the launch of the Japan-Africa Public-Private Economic Forum, which facilitates discussions on economic cooperation between Japanese government officials, corporate representatives and their African counterparts every three years. The Japanese government intends to use the upcoming TICAD, scheduled for August 2025 in Yokohama, as an opportunity to further strengthen Japan-Africa relations through this new initiative.
