Awwal 05, 1432 H/Feb 08, 2011, SPA -- Japan is keen to invest "billions of dollars" in minerals and infrastructure in Africa, trying to catch up to regional rival China for influence on the continent, Reuters quoted a Japanese trade official as saying on Tuesday. Yoshikatsu Nakayama, vice minister of economy, trade and industry, said Japan was scouting for projects in which to invest, either via its state-owned oil and mining company JOGMEC or via joint ventures between local and Japanese companies. China has spent billions of dollars on projects in Africa, trying to secure the resources it needs to fuel its quickly accelerating economy. Analysts said the investment has given China an advantage in building trade in the emerging economies of Africa, leaving Japan behind for influence in the continent of one billion consumers whose purchasing power is steadily increasing. Japan was also looking to develop South Africa's rare earth metal resources but Nakayama said it would take a long time for projects to bear fruit. The metals used for making high-tech products and auto parts were used by China as leverage in a political dispute with Tokyo last year, with Beijing restricting exports and alarming Japan's top manufacturing firms.
