Toyota wants to invest US$1 billion in fertiliser factory in Angola

30 July 2010

Luanda, Angola, 30 July – The chief executive of the Toyota Corporation, Takeshi Matsushita said in Luanda that Toyota plans to build a fertiliser factory in Angola, costing some US$1 billion and to import natural gas for sale on the Japanese and European markets, Portugal’s Lusa news agency reported.

The Toyota CEO is part of a Japanese mission led by the Bank of Japan for International Cooperation (JBIC), which is in Luanda to study the possibility of Japanese companies investing in Angola.

Takeshi Matsushita also said that in order to make the investments Toyota had support from the JBIC, which is considered to one of the world’s biggest cooperation banks.

Fumio Hoshi, a JBIC director, who is leading the Japanese mission, said meanwhile that conclusion of the Agreement for Reciprocal Investment Promotion and Protection between Angola and Japan, which has been under negotiation since November 2009, would drive the participation of Japanese companies in Angola’s economic growth.

According to Fumio Hoshi the rehabilitation of the Textang II textile factory and the participation of Japanese companies in agricultural and telecommunications projects were on the schedule of contacts with the Angolan authorities.

Fumio Hoshi also said that the JBIC had approved a financing strategy for Japanese companies in Africa, with amounts starting at US$2.5 million and that Angola was one of the bank’s business priorities.

According to Angolahub news agency the delegation includes representatives from companies such as Toyota, Sumitomo Corporation, Mitsubishi, Toyo Engineering Corporation, Sojitz Corporation, Marubeni Corporation and Itochu Corporation.

Angola and Japan established diplomatic relations in 1976 and have cooperated in the transport, public works, health, de-mining and social integration sectors. (macauhub)