Egyptian Prime Minister Mostafa Madbouly told a meeting of the Egyptian-Japanese Businessmen’s Forum that the cooperation portfolio between Egypt and Japan has grown steadily in recent years, the total portfolio of grants and Japanese loans amounting to about three billion dollars to implement more than 18 projects.
Among these projects are the first phase of the fourth metro line, the Grand Egyptian Museum, the Egyptian-Japanese University, the Egyptian-Japanese schools project and the Borg El-Arab airport modernization project.
Japanese Prime Minister Fumio Kishida arrived in Egypt on Saturday and met Egyptian President Abdel Fattah El-Sisi at the start of an African tour that includes four countries in addition to Singapore, weeks before the Japanese city of Hiroshima hosts the G7 summit.
In the area of trade and investment, Madbouly said Japanese direct investment in Egypt increased by around 52% in 2021, with around 87 Japanese companies currently operating in Egypt.
He stressed that bilateral trade “remains below the capacity of the two countries,” expressing his aspiration to achieve a breakthrough in the level of economic relations with Japan.
In his speech at the meeting, Kishida urged continued efforts to improve the investment climate in Egypt, calling on Egyptian private sector institutions to cooperate with Japanese companies that pump their investment into Egypt to build relationships based on obtaining benefits for all parties.
He pointed out that the trade volume between the two countries amounts to 1.3 billion dollars and that Japanese direct investment in Egypt has increased over the past year.
The Japanese Prime Minister also pointed out that Japanese companies contribute significantly to the development of projects and infrastructure in Egypt, especially in the field of renewable energy production, such as wind power, in addition to the industrial sector. such as the automotive industry, in addition to supporting the comprehensive health insurance system.
Mr. Kishida also referred to his country’s contribution to development processes in the field of human resources through Japanese-style education in Egyptian-Japanese schools and the Egyptian-Japanese University of Science and Technology, reaffirming the pursuit Egyptian-Japanese cooperation and coordination.
Read the Latest World News Today on The Eastern Herald.
