Egypt aims to attract more Japanese companies: FM tells Tokyo governor

CAIRO – 7 November 2024: Minister of Foreign Affairs Badr Abdelatty expressed the desire to increase the presence of Japanese companies in Egypt during his meeting with Tokyo Governor Yuriko Koike in Cairo on Thursday.

Abdelatty praised the valuable role of Japanese companies already operating in Egypt and expressed the hope for a continued influx of Japanese investments, capitalizing on the promising investment opportunities within the Egyptian market.

The minister underscored Egypt's commitment to supporting startups, fostering entrepreneurship, and enhancing technological infrastructure.

He also conveyed Egypt's eagerness to draw insights from Japan's leading expertise in urban development, entrepreneurship, and startups.

Additionally, the minister emphasized the mutual interest in strengthening people-to-people and cultural ties between the two nations and promoting tourism exchanges between Cairo and Tokyo.

Abdelatty and Koike held discussions on the sidelines of the 12th session of the World Urban Forum (WUF12), organized by the United Nations Human Settlements Programme (UN-Habitat) in Cairo from November 4 to 8.

During the meeting, Abdelatty congratulated Koike on her re-election for a third consecutive term, affirming Egypt's keenness to further cooperation with her.

He lauded the strong Egyptian-Japanese relations, highlighting their elevation to a strategic partnership level.

The foreign minister emphasized the wide array of collaborative opportunities between the two friendly nations and expressed Egypt's profound gratitude for Japan's contributions to several significant projects in Egypt, notably the Grand Egyptian Museum (GEM).

FIRM ECONOMIC TIES

Japanese investments in Egypt doubled in 2022, with about 50 Japanese companies currently operating in the country, said Yukiko Okano, Deputy Press Secretary of Japan’s Ministry of Foreign Affairs, last year.

Okano highlighted that the bilateral trade volume between the two nations stands at $1.3 billion.

Egypt and Japan collaborate on various mega projects, including GEM under construction in Giza, as well as various transportation, educational and industrial initiatives.

The Japan International Cooperation Agency (JICA) is financing the GEM's construction with around $800 million through two official development assistance (ODA) loans, in addition to providing support for the transportation of artifacts and other activities associated with the giant museum.

Furthermore, Japan has aided Egypt in its metro infrastructure. In 2023, JICA and Egypt signed a loan agreement for a 100,000-billion-yen loan (around $685 million) for the first phase of Greater Cairo Metro Line 4.