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In a statement, the Common Market for Eastern and Southern Africa said the summit was a follow-up to recommendations made during the eighth Comesa Business Forum which emphasised the need for acceleration of growth in Africa.

“There is a necessity for a major change in focus, a paradigm shift to industrial economies as core industries are the most important drivers of economic development,” it said.

“It is only these core industries that possess the inherent power to create new employment opportunities and promote large-scale improvement in social welfare.”

As a follow-up to the forum, a financial scheme for the projects between Comesa nations and Japanese enterprises had been set up.
“It has been agreed that readily bankable projects presented by private sector, public private partnerships and governments from Africa, and vice versa from Japan, will be discussed with the expectation of engaging in investment, joint ventures, and contracts,” Comesa  said.

It said the move was in the spirit of fostering business relations with the private sector in Comesa, the East African Community and the Southern African Development Community with the Japanese business community.

The one-day event was organised back to back with the 5th Tokyo International Conference for African Development in Yokohama, through the offices of Comesa, EAC and Sadc.

Comesa said regional blocs had been requested to mobilise interested businesses people with bankable investment and project proposals to be presented at the summit.

Corporate companies from Comesa, EAC and Sadc involved in mining, electronic appliances, water treatment, telecommunications, food processing, nutrition, pharmaceutical, finance, infrastructure, power plants and real estate are expected to attend.

From Japan companies such as Hitachi Construction, Machinery Co Ltd, Central Japan Railway Company, Mitsui Fudosan Co Ltd, Mitsubishi Chemical Corporation and Toray Industries, Inc will attend.

Comesa said the one-day event would allow the private sector from the region to present bankable projects to their potential partners in Japan. — New Ziana.