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Japan will pledge $20 billion in aid to Southeast Asian countries at a 11-nation summit this weekend as it looks to shore up ties in a region increasingly dominated by China, reports said Friday.
In a summit of Japan and 10 members of the Association of South East Asian Nations (ASEAN), Prime Minister Shinzo Abe will announce 2 trillion yen ($20 billion) in loans and grants over five years, public broadcaster NHK and business daily Nikkei reported.
Abe will also announce an expansion of the existing Japan-ASEAN Integration Fund aimed at economic integration of Southeast Asian countries with a fresh 10 billion yen, the reports said.
The summit comes at a time when Japan is re-engaging with the region after several years in which it has been muscled out by China's growing economic might.
Japan is also hoping to rally support in its dispute with China over a chain of uninhabited islands in the East China Sea. Four members of the bloc have their own territorial disputes with Beijing.
The meeting also comes just weeks after China's declaration of an Air Defense Identification Zone (ADIZ) over a tranche of the East China Sea, including islands disputed with Japan, a move that ratcheted up an already-tense situation.
© (c) 2013 AFP
21 Comments
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BurakuminDes
Why do I get the feeling there are some strings attached here? Seriously - Im not sure Japanese taxpayers are going to be thrilled with their money being used in a bidding-war with China to win over some corrupt third-world military states...
igloobuyer
I would love for the government to explain where this money is going and why so much is being given. There must be something incredibly important that they are trying to get out of offering such a large sum. Does the public have access to information on how the funds are being used and why?
noriyosan73
"Rob Peter to pay Paul?" 8% sales tax in April 2014 to raise money to pay for JAPAN's Social Security and national debt? This is insane economics.
Saketown
20 BILLION!!!!
Well, Ho Ho Ho ASEAN.
Christmas came early for the Southeast Asian Countries pledging support and cooperation with the THE FINEST Asian Country - Japan.
And it's just GREAT to have our Friends celebrate this Wonder Event being held in beautiful "Wintery Illuminated" Tokyo.
Cheers!
Utrack
@FernandoUchiyama
Charity begins at home and giving countries grants is a political charity. This Yen needs to go to the people of Nihon right now and since March 2011 the evacuees have been in dire straits. To me PM Abe looks to be callus and uncaring about his own countries future. Yes I know he has giving money to start up companies in Nihon to promote innovation. But the Fukushima evacuees need aid too..
Manu Datta
only marcelito makes sense...this "aid" is a sham to channel back money to moribund Japanese companies like Mitsubishi
J.basher
Philippine will follow Japan lead, as for the rest they need to tip top carefully, their trade with China are more than 20 billions per year.
2011, China-ASEAN trade reached $362.85 billion
nath
Yeah China! Stick that up your butt and smoke it!
yosun
These babies will bite their mother's hand whenever she can't give more food.
wildwest
Good suff Abe. Comes around, goes around. The tax payers will have jobs to pay tax.
ne-tiger
Great, but it's too little since China's not poor either.
Maybe start with 100b and wingers can all chip in their life savings.
Serrano
The Japanese gov't doesn't have $20 billion to give to ASEAN.
pochan
If you like neo-fascists he is very smart
highball7
I would rather Japan loan 20bil to responsible and innovative Japanese companies to invest in these ASEAN nations to create productive jobs and raise the level of competitiveness in these nations. Giving these nations a low interest loan where the recovery of such loans might not even be possible is like running water down the drain. And the only nations that will truly appreciate these loans are the ones that are already corrupted to the core. Its gov't and a few leaders in gov't might get rich but the people won't benefit at all from this.
But if the intention of the J-gov't is to bribe these nations, then sure, 20bil is nothing compare Japan's GDP. Still, its not a very effective tool if only a few people on top get the benefits. Just look at Japan's ODA to China, how is Japan feeling these days about those loans?
FernandoUchiyama
I like Abe. He is just doing well. His behaviours and actions are very smart. He is a wise man, of a great will. Japan must be pride to after many years without a great leader, to have one just right now. The last great man in power in Japan was Junichiro Koizumi. Now you have Abe. Good!
anbinh
Invest money in education about Japan for young people of those countries .
NeoJamal
Is $20 billion enough? I'd say that's just enough to cover the ASEAN politicians' deep pockets
Mariam Tebourbi
so the fukushima homeless refugees thing is resolved and everything is going well??????
Utrack
I wish J Govt would pledge this much to the Fukushima Evacuees....
edojin
It's OK to give $20 billion in aid to the ASEAN countries ... but please don't take this money from our Social Security funds nor our pension funds. I don't trust the Liberal Democratic Party on the handling of money. These guys do a lot of drooling when they look at the Social Security & pension money. Please ... just don't touch it ...