Egypt Independent

Investment Minister, Japanese companies discuss increasing investments to Egypt



Egyptian Minister of Investment and International Cooperation Sahar Nasr held a meeting with representatives of 25 Japanese companies on Tuesday in the presence of the Japanese ambassador to Cairo Masaki Noke, and members of the Egyptian-Japanese Business Council.

The meeting discussed new expansions for the Japanese companies during the upcoming period. These companies praised Egypt’s improving investment climate, and the legislative measures taken by the Ministry of Investment to encourage companies to inject new investments into Egypt.

Nasr said that there is coordination with Egypt’s government agencies to enhance economic cooperation with Japan, especially in terms of stimulating investment.

She urged the Japanese companies to inject new investments in Egypt, pointing out that investments of Japanese companies in Egypt currently amount to US$880 million through 106 companies. She went on to praise the achievements of Japanese investments to Egypt over the past few years.

On his end, ambassador to Cairo Noke said that there are excellent opportunities for investment in Egypt, and a desire on the part of the Japanese companies to inject new investments in Egypt to benefit both countries.

He pointed out that now is the best time to invest in Egypt, adding that the opening session of the seventh Tokyo International Conference on African Development (TICAD 7) in August will be devoted to discussing the business climate and investments in Africa, in the presence of a large number of Egyptian, African and Japanese businessmen.

The general manager of the Toyota Cairo office Tokuji Kuyama meanwhile said that the company is discussing promoting the automobile industry in Egypt in preparation to pump more investments.

He praised the business sector’s fast paced action following the adoption of the new investment law, especially regarding the renewal of licenses for corporate offices and employment licenses.

The head for the Egyptian side of the Egyptian-Japanese Business Council Ibrahim al-Araby said that this meeting served as the best preparation for the TICAD conference. He added that the past months have seen clear progress in cooperation within the automotive industry, and now is the time to evaluate years of successful joint work and the development of investment plans for the next stage.

Managing Director of Sumitomo Electric Egypt Ahmed Magdy said that the company opened two factories after the legislative development carried out by the Egyptian government, and is on its way to opening a third factory in 6th of October City.

Edited translation from Al-Masry Al-Youm