Toyota Tsusho to Establish Japan's First Venture Development Fund in Africa
-Will support startups with the main aim of creating jobs and economic independence for local citizens-
Toyota Tsusho Corporation (headquarters: Nagoya City; president: Jun Karube) announces that it will establish a social venture fund, "Toyota Tsusho CSV Africa Pte. Ltd." (hereinafter 'new fund') in the Republic of Mauritius, the first such fund to be set up by a Japanese company in Africa.
As the international community's support for Africa shifts from simple "support" to the promotion of "independence", focus is moving from investment efficiency and income, to solutions for social issues, such as high unemployment rates and low levels of income. This fund aims to identify and develop businesses in Africa that can directly resolve social issues by creating jobs for local residents, boosting incomes, improving the living and welfare environment, and securing foreign currency.
In Africa, Toyota Tsusho has long worked to develop social infrastructure, industries, and human resources through its various business operations such as the development of power distribution and harbor infrastructures as well as the production and sale of automobiles. Toyota Tsusho also aims to improve safety and healthcare conditions for local residents by actively engaging in CSR activities, including donating police vehicles, ambulances, and pharmaceuticals free of charge, as well as carrying out volunteer activities by local group employees.
The new fund will further contribute to building bridges between businesses in Africa and Japan through the development and support of small businesses in areas that Toyota Tsusho has thus far not been involved, such as employment, the environment, education, welfare and medicine.
The new fund will manage ¥1.5 billion. As partners, Toyota Tsusho will enlist Asia Africa Investment and Consulting Pte. Ltd., which is headed by Susumu Tsubaki, who holds ample venture investment experience in Africa and Yoshiyuki Sato, founder of the Kenya Nut Company and a pioneer in venture business development in Africa. In addition to unearthing various business ideas in line with the investment policies discussed above, financial support and assistance utilizing Toyota Tsusho's global distribution and sales network is to be extended to existing venture businesses.
Overview of Toyota Tsusho CSV Africa
|Company||Toyota Tsusho CSV Africa Pte. Ltd.|
|Location||Port Louis, Republic of Mauritius|
|Capital||US$23 million (approx. ¥2.3 billion; 100% owned by Toyota Tsusho Corp.)|
|Representative||Kuniaki Yamagiwa (Toyota Tsusho Corp. Managing Director)|