Africa’s Top Investment Destination Has Hurled In USD 880 Mn Worth Of Japanese Investments
Egypt’s Minister of Investments, Sahar Nasr, has revealed that Japenese investments in the country so far have reached USD 880 Mn. According to her, 106 Japanese companies are operating in the North African country, which have accounted for 74.3 percent in 2017 to 2018 financial year to hit USD 162.1 Mn in comparison to the 2016-2017 fiscal year’s USD 93 Mn.
In March this year, the Egyptian Prime Minister Mostafa Madbouli was in a meeting with the Egypt-Japan Business Council and representatives from Japanese countries operating in the North African country.
During the event, all parties discussed the means through which Japanese investments can be increased in the Arab nation, and expand the activities of Japanese companies in the country.\
Chairman of the Japan External Trade Organization (JETRO) expressed during the meeting hopes to liaise with the government of Egypt as regards the improvement of the business environment in the North African country. He also highlighted the possibility for cooperation between JETRO and Egypt to establish a similar body.
“The Tokyo International Conference on African Development 2019 (TICAD 7), which will be held in Tokyo, 28 August, is a critical platform gathering several international partnerships to support Africa and its growth aspirations.
Moreover, it represents an important partnership between Egypt and Japan with Egypt the current leader of the African Union (AU), besides other forms of cooperation, including participating in establishing the Grand Egyptian Museum, the Egyptian-Japanese initiative for education and establishing a number of Japanese schools in Egypt,” Nasr added.
Egypt, Africa’s top investment destination, was confirmed as one of the most important development partners for Japan in the continent. The Japanese Ambassador to Egypt, Maseki Noke, said that essential economic reforms have started to yield fruits. According to him, these results come with better economic signs that mow the lawn leading to the front door of more investments in the Egyptian market.
“Egypt has significant potentials and capabilities to receive Japanese investments, which have been increased due to improvements in the investment climate in Egypt and Japanese businesspersons paying attention to investment opportunities,” Noke added.