Combined images of (R to L) Prime Minister Mostafa Madbouly says to his Japanese counterpart Fumio Kishida.
The two prime ministers discussed various topics to boost economic cooperation between the two countries during a video meeting on Saturday with Japanese Prime Minister Fumio Kishida on the sidelines of the eighth Tokyo International Conference on Development in Africa (TICAD8) which takes place in Tunisia from August 27 to 28. August.
The Japanese Prime Minister is attending the conference virtually, while Prime Minister Madbouly is attending on behalf of President Abdel-Fattah El-Sisi.
According to a statement from the Egyptian cabinet, Madbouly called for discussions with the Japanese Prime Minister on the Japanese private sector to inject new investments into Egypt to benefit from relevant legislative and structural reforms aimed at boosting the business environment and improving the investment climate in Egypt. the country.
Madbouly said the Japanese private sector can benefit from investing in the SCZone as a premier logistics hub that can provide a gateway for the export of Japanese goods to Africa.
The Egyptian Prime Minister discussed with Kishida other investment opportunities available to Japanese companies in Egypt, including projects in the New Administrative Capital (NAC) under construction, electricity, renewable energy, industrialization agriculture, water desalination and technology transfer.
For his part, Kishida said the Japanese government will continue to encourage companies to invest in Egypt.
The Japanese Prime Minister cited Toyota Tsusho Corporation’s (TTC) investments in Egypt as a successful model of Japanese companies operating in Egypt.
Also today, Madbouly met with a delegation of TTC officials to shed light on promising opportunities for the company to invest in a new complex for the automotive industry in Port Said.
For its part, the Toyota delegation praised the current level of cooperation between the company and Egypt, thanking the Egyptian authorities for removing all obstacles to investment and improving the business climate.
In mid-August, the SCZone signed a Memorandum of Understanding (MoU) with Toyota Group member TTC to execute several infrastructure projects to achieve carbon neutrality and help the country transition to a green economy.
These include projects in the fields of logistics, renewable energy, water and the production of green and blue hydrogen and ammonia.
Toyota Tsusho is also part of a consortium including the Egyptian Orascom Construction and the French ENGIE, which aims to set up a wind power plant with a capacity of 500 MW in the Gulf of Suez region.
Egypt aims to reduce carbon emissions, promote the use of renewable energy sources and use alternative forms of energy, including green hydrogen, as part of the National Climate Strategy 2050 of the country.
The SCZone plans to locate various industries as part of Egypt’s 2030 strategy, including green fuel industries in Sokhna and east of Port Said.
Prime Minister Madbouly also praised Japan’s support for Egypt in implementing various important national projects, including the construction of the Grand Egyptian Museum (GEM).
The Egyptian Prime Minister invited his Japanese counterpart to attend the inauguration of the GEM.
Madbouly also told Kishida that Egypt is looking forward to the Prime Minister’s participation in the UN Climate Change Conference (COP27) to be held in Sharm el-Sheikh from November 6-18.
Exports and Bonds
Madbouly expressed Egypt’s readiness to increase exports of Egyptian agricultural products to Japan in the coming period as part of strengthening trade relations between the two countries.
For his part, the Japanese Prime Minister affirmed his country’s desire to strengthen cooperation with Egypt in all areas.
He also commended the ongoing development cooperation with Egypt in the fields of transport and health.
Kishida also hailed Egypt’s recent decision to issue Egypt’s first Japanese yen-denominated bonds (samurai bonds) worth $500 million.
Trade volume between Egypt and Japan grew by 13% in 2021 to reach $1.5 billion.
Moreover, Egyptian exports to Japan also increased in 2021 by 7% to $327 million.
For his part, the Egyptian Prime Minister praised the Egyptian-Japanese partnership in the field of education, including the application of the Japanese Tokkatsu basic education system in the newly established Japanese schools in the country, as well as the establishment of the Egypt-Japan University of Sciences. and Technology (E-JUST) in Alexandria in 2020.
Madbouly also reiterated Egypt’s condolences to Japan over the passing of late former Prime Minister Shinzo Abe who was assassinated in July, hailing Abe’s huge contributions to strengthening Egyptian-Japanese relations.
Madbouly meeting with TTC officials