Sanae Takaichi Pledges $10B Aid to Asia to Tackle Oil Shortage

• Japan pledges $10B to Southeast Asia for energy security
• Sanae Takaichi announces Power Asia initiative
• Focus on stable oil supply & medical resources

Southeast Asian nations have received $10 billion worth of new support from the Japanese government, who have made this commitment in light of continuing instability in the Middle East that will affect Japan’s ability to secure medical supplies derived from oil.

This initiative is known as "Power Asia" and will provide 1.6 trillion yen to Southeast Asian countries in an effort to improve energy supply chains and allow them to acquire crude and petroleum product supplies more easily.

Sanae Takaichi, Prime Minister of Japan announced this program in an online meeting she held with several Asean member states as part of a framework called 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,” Sanae Takaichi said, 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 added.

Also, she denied the new partnership would have any adverse effect on Japan’s domestic supply of oil.