Japan is approaching Myanmar, the last frontier of Southeast Asia, in search of business opportunities.
Japanese Prime Minister Shinzo Abe visited the country from Friday to
Sunday to ensure Japan's share of Myanmar's development, which is
starting from scratch with untouched markets. Myanmar has inexpensive
labor, is rich in resources and is strategically important.
Abe, the first Japanese prime minister in 36 years to visit Myanmar,
went there with his country's checkbook open. He was accompanied by a
40-strong entourage of Japanese business people - bosses of some of
Japan's top companies, including trading houses Mitsubishi Corp and
Mitsui Group - in the hope of securing development-project contracts.
Then-prime minister Takeo Fukuda was the last Japanese leader to visit Myanmar, in 1977.
Abe said on Sunday that Japan is committed to offering Myanmar 91
billion yen (US$900 million) in fresh aid. Some of it will go to poverty
reduction, power rehabilitation and infrastructure development,
according to Japan's Ministry of Foreign Affairs. Japan also will write
off about 190 billion yen in debts.
Abe needs to explore overseas areas for investment, which is one of
the keys to the success of his growth strategy. On May 17, he said the
latest installment of Japan's growth strategy will aim to triple
infrastructure exports and double farm exports by 2020, as well as
increase private investment.
Measures to promote growth constitute what Abe calls the third arrow
in his policy quiver as Japan battles to end 15 years of deflation and
generate sustainable economic growth. The first two arrows of his
program, called "Abenomics", are large-scale bond-buying and a burst of
government spending.
Abe said the growth strategy will focus on increasing domestic
private investment over the next three years, tripling infrastructure
exports by 2020 and doubling farm, fisheries and marine exports to 1
trillion yen by then.
Abe is trying to expand investment in Myanmar, while Japanese
companies have held back from investing in recent years. They did not
want to upset Japan's relations with the United States and the European
Union, which had imposed sanctions on the country.
Abe's Myanmar trip follows the recent visit to Japan by Aung San Suu
Kyi, the leader of Myanmar's largest opposition party, the National
League for Democracy.
Since Abe's cabinet was sworn in in December, its members have been cozying up to Southeast Asia.
Taro Aso, Japan's finance minister and deputy prime minister, chose
Myanmar for his first official visit abroad just a week after assuming
the job. He confirmed fresh financial aid for the country and agreed to
waive part of Myanmar's 500 billion yen debt.
Aso's visit set the stage for Japanese firms to gain privileged
access to Myanmar as Western competitors move in slowly after years of
economic sanctions on the country. At least 35 Japanese investment
projects are underway in Myanmar, the biggest being plans to develop the
2,400-hectare Thilawa Special Economic Zone near Yangon, led by trading
companies Mitsubishi, Marubeni Corp and Sumitomo Corp.
"One of the purposes of Japan's move is to counter China's growing influence in the country," a Japan Times editorial commented.
Japan is also investing in an economic zone in Dawei in southern
Myanmar, where the largest industrial complex in Southeast Asia is on
the drawing board.
source: China Daily
No comments:
Post a Comment