Trade exchange between Egypt, Japan hits $ 1.3B during 2020

CAIRO – 18 February 2021: Trade exchange between Egypt and Japan witnessed a growth of about 22percent during 2020, according to Head of the General Federation of Chambers of Commerce and Chairman of the Egyptian-Japanese Business Council, Ibrahim Al-Arabi.

Al-Arabi noted that this progress came despite the negative economic impacts of the Corona pandemic on the performance of the global economy during the past year.

Al-Arabi added in a statement, Thursday, that the total trade exchange between Egypt and Japan amounted to $1.3 billion during 2020.

“The Egyptian exports to the Japanese market increased by about 117 percent, while the volume of Egyptian imports from Japan increased by 5 percent during the past year compared to 2019,” he added.

This came in a speech delivered during the round table meeting of the Egyptian-Japanese Business Council, which was held on the initiative of Ambassador Ayman Kamel, the Egyptian ambassador to Japan, with the participation of the Japanese ambassador to Egypt, Masaki Noki, and in the presence of the head of the Industry Modernization Center and the Head of Promotion Sector at the Investment Authority, officials of the Japan Bank for International Cooperation and JBIC Japan International Cooperation JICA and JETRO.

He explained, after the end of the joint business council sessions, that the two sides discussed mechanisms for joint action to support economic relations between the two countries in light of the repercussions of the Corona pandemic, which requires a double effort.

For his part, Mohamed Abdel Kareem, Head of the Industrial Modernization Center, presented the joint cooperation opportunities that the center provides to the Japanese partner, and Ahmed Zuhair presented the investment incentives and benefits and the measures taken by the Egyptian government to encourage and develop local and international investments within the framework of the economic reform plan and the exceptional measures taken by the government to support the national economy, which achieved a growth witnessed by international classification institutions, which was reflected in the confidence of the foreign investor in the Egyptian market.

The Japan Bank for International Cooperation called on Egyptian banks and financial institutions to cooperate in implementing joint economic projects that the Japanese Foreign Trade Authority presented to Egyptian private companies, confirming the positive progress in the investment and business environment in Egypt, and giving a positive Japanese assessment of the progress and growth the Egyptian economy is witnessing. With the continued implementation of mega national projects with the participation of many international investment entities.

Earlier, Minister of International Cooperation, Rania Al-Mashat said that the ongoing Japanese grant portfolio to Egypt rose to $ 54.5 million.

Al-Mashat clarified that these grants are directed to sectors of health and education.

Al-Mashat confirmed the Egyptian government's appreciation for the development funds provided by the Japanese government to support efforts to combat the Coronavirus, as it provided a grant of one billion yen, equivalent to $ 9.3 million, to be used in providing medical devices and supplies for febrile and chest diseases affiliated to the Ministry of Health. 

This came after Egypt signed Monday a budget support loan agreement totaling JPY 25 billion (equivalent to €200 Million) with Japan International Cooperation Agency (JICA).