More focus on Japanese 
investment in auto industry

 Egypt wants to attract more Japanese investment in sustainable development and expertise transfer.

This statement by General Authority for Investment and Free Zones (GAFI) chairman Hossam Heiba came during his meeting with John Karobi, head of the Japanese side of the Egyptian-Japanese Business Council.

During this fiscal year the government will be focusing on the Japanese market as the Egyptian-Japanese Business Council will be meeting in August, the GAFI chief said.

A promotional visit to Tokyo will be made for September to Japanese companies investment in Egypt, Heiba said, adding that the Japanese External Trade Organisation (JETRO)  will arrange a visit by a Japanese business delegation to Cairo to promote trade and investment between the two countries.

The launch of the State Ownership Policy Document will help increase private sector share in GDP to 65 per cent, Heiba said, adding that the launch of the national strategy to develop the automotive industry has roused interest of Japan’s Sumito Corporation among major international companies in the field within the year 2022.

Heiba proposed a sustainable partnership between the two countries to make inroads into the African market by using Japanese technological and investment capabilities and Egypt ability to develop African infrastructure.

For his part, John Karobi said that Japan’s Toyota Tsusho corporation is hoping to break into Africa’s automotive industry by establishing two companies in the continent each with a production capacity of 100,000 cars per year.