Egypt: The Minister of Trade and Industry, Ahmed Samir, has recently met with the Japanese side head of the Joint Business Council, Mr John Karobi, to explore ways to attract more Japanese investment to the Egyptian market. The meeting reviewed the state’s efforts to deepen the automobile and food industries.
According to the reports, the Egyptian Ministry of Trade and Industry has called on Japanese investors to direct their investments to the auto industry in Egypt, said reports.
It was stated that the investment could be made in different sectors along with the opportunities to expand the export of frozen potatoes, sesame seeds and strawberries to the Japanese market.
In addition, Ahmed Samir, Minister of Trade and Industry Mr John Karobi, President of the Japanese Side, met with the Egyptian Japanese Business Council and representatives of a number of major Japanese companies where the meeting discussed ways to attract more Japanese investments to the Egyptian market in many sectors.
The investments are expected to be made over the coming period and benefit from advanced Japanese experiences and technologies in the Industrial sector in the development and localization of industry in Egypt.
The meeting also hosted Mr Kazu Nishitani, Executive Director of the Joint Business Council and Minister Commercial Commissioner/ Yahya, the Trustee of Allah, Chairman of Business Representation.
The minister said that this meeting resulted in President Abdel Fattah El-Sisi’s directives to domesticate the industry and put it at the top of the priorities of the Egyptian state by seeking to make Egypt a hub of many high-value-added industries capable of competing in regional and international markets.
Minister Ahmed Samir explained that the meeting discussed developments regarding the existing investments the Japanese side participates in Egypt, highlighted by the new 500-mW wind plant project in the Gulf of Suez, where the Japanese side’s investment in the project comes as part of its commitment to achieving carbon neutrality in Egypt.
The minister urged the Japanese side to call on the Japanese investor community to direct their investments to the automotive sector in Egypt, similar to Japanese-intensive investments in the industry in a number of African countries.
He cited the country’s interest in deepening the automobile industry, which includes the launch of the automotive industry strategy, the National Automobile Industry Development Program, as well as the formation of The Supreme Council of Automobile Industry.
Samir pointed out that Egypt is interested in the automobile sector due to the position it has in this promising industry, among which there are 40 companies in the field of food industries, such as tire, braid and cable factories, while reviewing the possibility of establishing a Japanese car factory in Egypt in cooperation with Toyota to produce 100 thousand cars annually.
The minister referred to the ability of the Egyptian agriculture sector to meet the needs of the Japanese market for a number of agricultural products over the coming period by expanding exports of frozen potatoes, sesame and strawberries.