Egypt's MoU with Japanese Yazaki supports industry: PM

CAIRO - 6 April 2022: Prime Minister Mostafa Madbouli praised the efforts made to sign a memorandum of understanding between the General Investment Authority and the Japanese Corporation "Yazaki" to establish a new factory for the manufacture of car components in Fayoum Governorate.

 

He stressed that the state is working to encourage and support these efforts, and that the establishment of such a factory is considered foreign direct investment (FDI), and it supports the Egyptian industrial sector and provides more direct and indirect job opportunities.

 

This came during the weekly meeting of the Cabinet, Wednesday, headed by Mostafa Madbouli, where a number of important work files were discussed and reviewed.

 

The Prime Minister began the meeting by referring to the various meetings that took place during this week, explaining that a large part of them dealt with renewable energy projects, especially with regard to green hydrogen, green ammonia, and their infrastructure, stressing that this calls for the need to work on quickly completing the preparation of the strategy for clean energy and green hydrogen.

 

The Prime Minister noted that the meetings during this week included the meeting of "Anniken Huitfeldt, the Minister of Foreign Affairs of Norway, which took place following the signing of a framework agreement between the Sovereign Fund of Egypt and the Norwegian Investment Fund for Developing Countries, to increase the volume of investment cooperation in the field of developing renewable energy projects. 

 

In addition, there was a meeting with officials of "Maersk International", after which a memorandum of understanding was signed for the production of green fuel for ship bunkering supplies in the Suez Canal Economic Zone.

 

During the meeting, Madbouli addressed the measures and steps being taken to deal with the repercussions of the Russian-Ukrainian crisis, stressing the daily follow-up to this crisis, and the resulting rises in commodity prices at the global level, as well as a shortage in supply chains.

 

He referred in this regard to the cooperation and coordination that is taking place between various state agencies and the private sector to provide basic commodities, at reasonable prices, to meet the needs and requirements of citizens.

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The Prime Minister pointed to the measures that are being taken regarding the season of harvesting and supplying wheat for this year, referring to the coordination that is being made between ministries and concerned authorities, in pursuit of the success of this season, while ensuring the speedy payment of farmers' dues.

 

He added that LE 1.1 billion was made available to the Supply Commodities Authority and the Egyptian Agricultural Bank as a down payment under the account of financing the purchase of the local wheat crop; in order to enable immediate payment of the dues of the farmers who are suppliers, in addition to the efforts to increase the wheat receiving sites, which have reached more than 450 sites so far.