BIG JAPANESE INVESTMENT IN AUSTRALIA PREDICTED

Press, Volume XCVIII, Issue 28840, 10 March 1959, Page 21

BIG JAPANESE INVESTMENT IN AUSTRALIA PREDICTED

(N.Z Press Association—Copyright)

SYDNEY, March 9. Japan was looking towards Australia as a field for foreign investments, the president of the Bank of Tokyo, Mr Shigeo Horrie, said today. He forecast the establishment of big industries with half Japanese capital, half Australian capital. Mr Horrie is leaving Australia today after a 10 days’ visit. Mr Home said the joint venture companies would be managed by Australians, but would use mainly Japanese materials. Japanese machinery would be one of the chief products, but some of the companies would give the final processes to goods exported half-finished from Japan. Dye-Stuffs Factory He gave as an example the proposed establishment of a dyestuffs factory in Australia to dye fabrics woven in Japan. At present, such fabrics were dyed in Japan and exported to Australia in their finished state. Mr Horrie said that such investments would not endanger existing Australian firms. There would be no friction with existing enterprises. It was impossible to estimate

the possible extent of Japanese investment: it would depend on the number of interested Australian parties, he added. “Australia’s Government and business world are both very keen on industrialising this country,” Mr Horrie said. “Australia, within 10 or 15 years, could be the biggest industrial country in the world.”