Japanese investment rises even as bilateral trade shrinks

According to data from the government statistics office, Japanese investment in Egypt surged in fiscal year (FY) 2021-2022 even as trade between the two countries fell 26.3 per cent to $1.1 billion from $1.6 billion in FY2020-2021.

The Central Agency for Public Mobilisation and Statistics (CAPMAS) added that Egyptian exports to Japan dropped 53 per cent to $260.8 million in FY 2021-2022, compared to $554.4 million in FY 2020-2021 and imports from Japan declined 11.6 per cent to $888.5 million in the same period.

Fuels, mineral oils and distilled products were among the top exports to Japan at that time.

Japanese investments in Egypt were up 98.7 per cent to $73.7 million in FY 2021-2022 from $37.1 million in FY 2020-2021.

The CAPMAS announcement came as Japanese Prime Minister Fumio Kishida started a three-day visit to Egypt on Saturday as a part of a trip to Africa.

Meanwhile, the Arab League is looking forward to exchanging expertise with Japan through the Economic Co-operation Forum.

This statement by Egypt’s permanent delegate to the Arab League Mohamed Arfi came in a speech to the AL council welcoming the Japanese prime minister’s visit to Egypt.

The Arab League is also hoping to activate Arab-Japanese political dialogue to promote economic, trade and investment co-operation between the Arab countries and Japan, the permanent envoy said.