Building of Suez Canal Authority in Port Said – CC Wikimedia
CAIRO - 17 August 2022: Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Walid Gamal el-Din has signed a memorandum of understanding with Toyota Tsusho Corporation.
The move falls within the framework of continued cooperation between the SCZONE and the Japanese side in order to increase the number of Japanese projects in the economic zone.
In a statement Wednesday, the SCZONE said that the MoU aims to boost joint cooperation between the two sides in several projects, which cope with the economic zone's development plan.
The pact aims to sign several projects which cover the new infrastructure and developments related to carbon neutrality that includes logistics, renewable energy, water, production of green and energy hydrogen.
The signing ceremony was attended by a Japanese delegation, topped by Japanese Ambassador to Egypt Oka Hiroshi and General Manager of Energy Infrastructure Projects at Toyota Tsusho Corporation Tokuji Koyama.
While meeting the Japanese delegation, the SCZONE chief discussed with them the partnership between the two entities, especially that Toyota Tsusho is part of a consortium which also includes France’s Bolloré Transport & Logistics and Nippon Yusen Kaisha (NYK), which are assigned to build, operate, and transfer a roll-on roll-off vehicle terminal at East Port Said (RORO terminal).
Gamal el-Din, meanwhile, said that the expansion of renewable energy is needed, referring to the SCZONE's capabilities to be a global hub for green fuel production.
The SCZONE supports the Japanese industries in Egypt, he affirmed, stressing Egypt’s keenness to develop cooperation with Japan in many fields.
For his part, the Japanese ambassador congratulated Gamal el-Din for assuming the post of the SCZONE chief, voicing delight with the agreement reached between the SCZONE and
Toyota Tsusho Corporation.
He further pointed out to the importance of luring more Japanese investments into the SCZONE, especially in the green hydrogen sphere.
Meanwhile, the general manager of Energy Infrastructure Projects at Toyota Tsusho Corporation said that the signed MoU is considered an important investment opportunity for both sides.
He also provided a presentation about the history of Toyota Tsusho Corporation in Egypt, which has started its operations in Alexandria since 1933, pointing out to the long-standing partnership between Egypt and the Japanese investments.
The Japanese official pointed out to the strategic location of the SCZONE, especially that the blue ammonia projects is one of the joint interests between the two sides.