Japan pledged $10 billion in financial support Wednesday for Southeast Asian economies as the Middle East crisis threatens Tokyo’s procurement of vital medical equipment derived from oil.
The initiative, dubbed “Power Asia”, will see Japan contribute 1.6 trillion yen to Southeast Asian nations to strengthen their energy supply chain and help them better procure crude and petroleum products.
Prime Minister Sanae Takaichi unveiled the initiative after her online summit with some ASEAN member states in a framework known as the Asia Zero Emission Community ( AZEC ) plus.
“We rely on supplies from Asian countries for medical items such as equipment used for dialysis patients, as well as waste fluid containers and gloves required for surgical procedures,” she told reporters in Tokyo.
“Together with the nations of Asia, we will work to build a resilient energy, critical mineral and supply chain framework, so that all of Asia can become stronger and more prosperous.”
She denied the new partnership would have any adverse effect on Japan’s domestic supply of oil.
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