Egypt eyes Japanese investments

CAIRO - 21 February 2017: Japanese tourism and investments are becoming increasingly important to the Egyptian economy, as the state seeks to broaden economic cooperation with Japanese companies. On Sunday Prime Minister Sherif Ismail met with the president of Toyota Tsusho, Jun Karube, and several members of a Japanese business delegation in Cairo, according to the state-owned news agency Al-Ahram.

Minister of Electricity and Renewable Energy Mohamed Shaker and Minister of Petroleum and Mineral Resources Tarek El-Molla also attended the meeting.
The delegation discussed Toyota’s investments and projects in the field of renewable energy, which includes the construction of a steam-electric power station in Upper Egypt, Al-Masry Al-Youm reported.

According to Ahram, Karube praised Egypt’s implementation of the economic reform program, adding that Toyota is looking forward to increasing cooperation with Egypt in the fields of petrochemicals, renewable energy and natural gas.

Japanese tourism to Egypt meanwhile increased four-fold in 2016, according to Japan Times, citing the Japanese HIS travel agency.

The government has sought to attract foreign investors to participate in various economic projects across the country, particularly following the flotation of the Egyptian Pound.

Toyota has signed several major deals with the government over the past year. In May 2016 the Ministry of Electricity finalized a contract with a Toyota, Orascom and GDF Suez consortium to construct a wind farm in the Gulf of Suez, Daily News Egypt reported. In late January the final aspects of the deal were agreed upon and the deal was expected to be finalized in February.