Egyptian Trade and Industry Minister Ahmed Samir met on Wednesday with Jun Karube, a former chairman of Toyota Tsusho Corp, to discuss ways to attract more Japanese investments to Egypt.
Following directives by President Abdel Fattah El Sisi, the Egyptian government has been acting to localise some industries in the country, by serving as a hub for many value-added industries that could very well compete on regional and international markets.
The meeting focused on Japan’s contribution to a number of investment projects in Egypt, including a new 500 MW Gulf of Suez Wind Farm near Ras Ghareb.
The get-together today comes as Japanese automotive giant Toyota Tsusho is working on a strategy to revive the automotive industry in Africa by establishing two localised factories within the continent, with Egypt as one of the preferred countries to host one of the two. Each factory should produce 100,000 cars annually.
Samir said his Ministry is interested in promoting the automotive industry in Egypt, pointing to a national programme to develop this sector.
The minister touched upon big Egyptian potentials where the automotive industry is concerned, noting that the Arab country houses 40 feeding firms, which makes it a “promising” market.
Karube, who is a board member of the Japan-Egypt Business Council (JEBC), said his country is keen on boosting investment and trade co-operation with Egypt.
He invited Samir to visit Japan to put officials there in the picture about Egypt’s economic reform programme and its efforts to create a favourable investment climate.
