The Stirring Of An Economic Giant
p. 53 · Read in the full issue
Japan is the economic giant of the Pacific. Routed militarily in World War 11, she has shown amazing resilience to bounce back and achieve much by peaceful means. Most Island groups in the Pacific have been touched by Japanese influence, and the signs are that this influence will increase.
Japanese appliances, probably more than anything else, built up Fiji’s flourishing tourist industry.
Japanese knowledge and equipment (and capital) gave profitable fishing industries to the Solomon Islands, Fiji and American Samoa. Japanese capital is being used to develop the timber industry of Papua New Guinea. Japan is a big buyer of metals from New Caledonia and Bougainville. She is on the threshold of getting into the Islands’ tourist industry in a big way to cater for an influx of Japanese tourists.
Japan lacks many natural resources, so is a big force in world markets for what she needs. Although population growth is limited through artificial means, a rising standard of living is creating a demand for more of the good things of life. She can get many of these things, particularly food, from the Pacific Islands. Many Pacific Islands at present import food. In many of these imports they can become self sufficient, given the necessary incentive, and then have enough over to export—to Japan.
Off-shore exploration for oil is negligible in the South Pacific. Yet beneath the sea could be untold mineral riches as search in other oceans of the world has proved. It only needs imagination and drive —plus capital, to get on with the job, and there is little doubt that Japanese interests would be happy to join the search with both know-how and capital.
It is important that the Pacific Islanders have a share in Japanese investment —or in any foreign in vestment for that matter —and the bigger the share the better. Politics and emerging nationalism will take care of that. Pacific Islanders are prepared to share their wealth with foreign investment, but not on terms which applied till comparatively recently, and which were nothing more than exploitation.
Fruitful partnerships in which there is mutual trust can only be of benefit to all parties.
The sinews of Japan ... one of Tokyo's business areas with the 36-storey Kasumigaseki Building at centre The surrounding buildings are either banks or finance houses.— Jetro Photo Service.