Japan will invest in mining in Africa

For years, Africa has been known as a continent plagued by political violence. The scenario is gradually changing. Japan, world’s second largest economy, is planning to invest in mining in Africa. In the fourth Tokyo International Conference on African Development, under the ‘Yokohama Declaration,’ Japanese investors will invest in developing alternative sources of fuel from minerals such as cobalt, iron, and uranium. Tanzania, a country in East Africa has huge deposits of these minerals. All Africa.com:

Foreign Affairs minister Bernard Membe yesterday said the 'Yokohama Declaration', which was agreed on during last week's fourth Tokyo International Conference on African Development, paves way for Japanese mining investors in the country.

The Declaration agreed among other things, that Japan would invest in alternative sources of fuel from minerals such as cobalt, iron, and uranium in Africa.

African countries had taken the Asian economic giant to task for not investing enough in Africa. Leaders who spoke at the conference said Africa did not only need aid, but also fair trade with Japan.

Recently, Tanzania has been praised for creating a favorable investment environment. Mr. Bernard Membe said that his country would aggressively take advantage of the offers and stick with Japan.

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AFP