20 Japanese major companies express to the Minister of Investment and International Cooperation their desire to inject new investments in Egypt ... and Nippon Export and Investment Insurance supports infrastructure projects.
The Minister of Investment and International Cooperation Dr. Sahar Nasr began her visit today Monday 18th December 2017, to the Japanese capital "Tokyo" to promote investments in Egypt.
The Minister signed with Mr. Kazuhiko Koshikawa, the first Vice President of Japan International Cooperation Agency (JICA), a 993 million yen grant which represents the second tranche to supply Egypt-Japan University of Science and Technology (E-JUST) with educational and research equipment. She also signed the Exchange of Notes to implement the grant agreement with Mr. Taro Kono, the Japanese Minister of Foreign Affairs, the Ministry being in charge of implementing international cooperation projects.
The Minister stated that the project aims at bolstering the performance and the educational content for fourth year students at the Faculty of Engineering, as the Japanese government will supply the necessary equipment and devices to provide students with an advanced learning environment, based on conducting experiments and practical research. Besides, the project will contribute to attracting research cooperation by Japanese companies and authorities with the university to make use of the capabilities of these companies in training and transferring new technology and advanced work methods to Egypt.
Mr. Koshikawa stressed that E-JUST is the first Japanese university to be established outside Japan, pointing out that the university pays special attention to investment in human resources in science and technology fields, especially in Egypt and African countries, and contributes to enhancing the level of education, scientific research and innovation.
During the meeting, along with the presence of Ayman Kamel the Egyptian Ambassador to Japan, Dr. Nasr asserted that Egypt aspires to enhance relations with Japan on developmental and investment levels, noting Egypt's appreciation of the developmental support provided by Japan for many main projects such as El Salam Bridge, the Opera House, and Abu El Reish Hospital, and for ongoing projects such as Egyptian Grand Museum, the fourth metro line, EJUST, and the partnership in the Education Sector.
The Japanese Minister for Foreign Affairs praised the economic measures taken by the Egyptian government, pointing out his country's desire to strengthen investment and development relations with Egypt during the upcoming period.
The Minister met with Mr. Hiroshige Seko, the Japanese Minister of Economy, Trade, and Industry, where they addressed efforts exerted in Egypt to improve the investment climate, the new investment law, and its executive regulations which provides for plenty incentives and guarantees for foreign investments, as well as facilitates procedures for setting up new businesses. Moreover, Dr. Nasr shed light on the bountiful investment opportunities in Egypt for Japanese companies, in various fields and sectors, including the economic zone in the Suez Canal. She emphasized the fact that the Egyptian government provided the highest levels of insurance for domestic and foreign investment facilities.
The Minister met with Mr. Kazuhiko Bando, CEO of the Japanese Nippon Export and Investment Insurance (NEXI), in presence of the Egyptian Ambassador to Tokyo, Ambassador Ahmed Shehab, Deputy CEO of the General Authority for Investment and Free zones (GAFI), and Eng. Ibrahim el Araby, Chairman of the Egyptian-Japanese Business Council.
Both sides discussed GAFI’s support to Japanese companies operating infrastructure projects in Egypt, such as the wind energy project on the Gulf of Suez, by providing insurance for financing export and investment.
CEO of NEXI stated that it provided insurance to support commercial bank loans for the wind power plant project implemented on the Gulf of Suez, which will help provide Japanese companies with more business opportunities in Egypt and other African countries, and will also help maintain their international competitiveness in the energy development field including renewable energy.
Dr. Nasr asserted that the Egyptian government supports the private sector and Japanese investors to increase their investments in Egypt, particularly in the Suez Canal Corridor.
Afterwards, the Minister held a meeting with twenty of the biggest Japanese companies, the most prominent among them were; Nissan, Sumitomo Corporation, Sumitomo Electric Industries, Otsuka Pharmaceutical co., Toyota, Unicharm Corporation, NEC Corporation, Hitachi for electronics, ISUZU Motors Limited, Mitsui & Co. that works in iron and steel products, Itochu Corporation, Marubeni Corporation, Sojitz Corporation for investments and trade, Mitsubishi Heavy Industries Group and Nitto Denko Corporation. The meeting addressed the possibilities of increasing Japanese investments in Egypt following the measures taken by the Egyptian government under its economic reform program, the improvement of investment climate and the amendment of some other laws such as the Law of Companies.
The Egyptian Minister emphasized that Egypt welcomed Japanese companies to inject new investments. Moreover, she expressed her aspiration to increase the volume of Japanese investments in Egypt to be in line with the strong relations between both countries as well as her aspiration for Japan to be one of the top10 investing countries in Egypt, where now it is ranked as the 27th. In addition, she clarified that the new Investment Law included special incentives, up to 50% in the areas mostly in need for investors. Dr. Nasr met the vice chairman of Mitsubishi Heavy Industries where they studied the increase of company's investments in Egypt during the next period. Her call on Japanese companies to increase their investments in Egypt was largely welcomed in general.