Newspaper Page Text
Japanese filling Latin vacuum
By ALPHONSE MAX
Copley News Service
MONTEVIDEO, Uruguay
- Japan is fast moving into
ie vacuum the United States
leaving in Isatin America.
The Japanese obviously
insider that the countries
>uth of the Rio Grande are
’th a fertile field for invest
ent and a bountiful source of
iw materials and even
anufactured goods.
There is nothing treacher
ls or subversive about the
calating Japanese interest
the other American repub-
A combination of several
ctors has worked to create a
uation ripe for the Japa
se.
perhaps, are the
’asures taken by the United
ates and some Western Eu
iean countries to protect
fir industries.
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ily worked to the detriment of
Japan, but it also has preju
diced Latin America.
Then there has been inces
sant Communist propaganda
depicting the Western capital
ist as the "imperialist exploit
er” of Latin America. So ef
fective has the campaign been
that even the United States
seems to have come mistak
enly to believe that, say, In
ternational Telephone and
Telegraph (ITT) makes and
breaks Latin American gov
ernments at will.
last of the factors, and
probably most important, is
the recognition by even the
most xenophobic of Latin
American governments that,
whether they like it or not,
they cannot get along without
foreign capital.
But, where to turn, if U.S.
money is considered imperi
alist, and if U.S. investors are
showing less and less inclina
tion to risk their funds in latin
America, and if the Latin
need for foreign capital re
mains as great, if not greater,
then ever?
Why, to Japan, a nation the
It’s disgrace
ATLANTA (UPI) — Georgia
Lt. Gov. Lester Maddox says
the nation’s runaway inflation
and food shortages are a
disgrace equal to Watergate.
"When the most productive
nation in the world reaches the
point where its economy is so
out of control that traditional
abundance becomes scandalous
scarcity, then I think it’s a
disgrace equal to Watergate,”
he told the International Con
vention of the Food Service
Executives Association Tues
day.
"The Communists got our
grain, the administration got
credit for the deal, the
speculators got the profit—and
the rest of us got the bill,” he
said.
STEEL WAGES
The total cost per hour in
cluding benefits for hourly
employes in the steel industry
was $7.44 in February, 1973,
compared with $7.08 average
for 1972, according to the Iron
and Steel Institute.
results of whose vigorous in
dustrial and economic devel
opment over the last quarter
century everybody can see in
automobile agencies, camera
stores and radio and televi
sion shops the world over.
The Japanese actually are
taking advantage of a situ
ation that is not of their mak
ing but which they have
studied carefully. They seem
determined not to repeat the
errors of the United States
and the Europeans.
For one thing, in Latin
America, the Japanese have
set up “mixed corporations,”
that is, business and indus
tries in which Latin Amer
icans have shares, often even
majority control.
That has been necessary in
Mexico, for example, where
foreign investment laws gen
erally require that Mexican
capital must own more than
half the stock.
The Japanese seem not to
mind sacrificing their deci
sion-making rights by being a
minority stockholder.
They have learned that un
less there is more than just
token local participation in a
venture, a great deal of polit
ical resentment can be cre
ated against the foreign in
vestor. That, in turn, can re
sult in opposition by the peo
ple and harsh regulation by
the government.
As envisioned by banking
circles here, the Japanese
economic expansion plan
calls for investment of ap
proximately $lO billion in
latin America over the next
10 years.
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• Notes and Files Ensemble ONLY
4QQ
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In Brazil, for example,
where U.S. investment now
amounts to about $2 billion,
the Mitsubishi Co. alone re
portedly intends to put some
$3 billion to work in the com
ing two or three years, mainly
in steel, railways, road build
ing and similar projects.
Brazil, of course, is a coun
try with special ties with Ja
pan. Os Brazil's 100 million
people, an estimated 750,000
are of Japanese birth or
descent.
Japanese have done well in
Brazil, in agriculture, in busi
ness and industry, even in pol
itics. In fact, Brazilian-born
Japanese are not infrequently
elected to Congress and at
least one was a member of the
presidential cabinet.
In Mexico, Japanese indus
trialists have been heavily in
volved for well over 20 years
now, in manufacturing, the
auto industry, and other
fields.
Peru is the Latin American
country with the second larg
est Japanese colony. There
the Japan Petroleum Corp.,
reportedly intends to invest
$350 million in construction of
a pipeline for transporting
crude oil from the Peruvian
Amazon region to a port on
the Pacific. In Venezuela,
Japanese plans are said to in
clude investment of $l4O mil
lion in a steel mill on the
banks of the Orinoco River,
with entire production to be
bought by Japan. In Argen
tina, the Japanese expect to
contribute $l5O million to
electrification of the rail
roads.
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— Griffin Daily News Thursday, August 16,1973
Page 9