Egypt, Japan To Collaborate on Localization of Automotive Industry
Egypt looks forward to collaborating with Japan to localize the automotive industry, the General Authority for Investment and Free Zones (GAFI) stated.
The government is keen on attracting new Japanese investments to benefit from the role in achieving sustainable development and exchanging knowledge and expertise with the Egyptian market, CEO of GAFI Hossam Heiba said.
The Japan-Egypt Business Council meeting will be hosted in August and the Egyptian government plans for a roadshow will be announced in Tokyo next September to attract Japanese companies to invest in Egypt, Heiba noted.
He also added that Japan External Trade Organization (Jetro) will organize a visit to Cairo for Japanese businessmen, where they will discuss ways to promote trade between both countries as well as investment.
Additionally, he proposed that Egypt will enter into a sustainable partnership with Japan to dominate the African market whilst making use of the technological and exporting abilities of the world’s second-largest developed economy.
On the other hand, the Chairman of Toyota Tsusho Corp Toyota, Tsusho Corporation Jun Karube, said that his company seeks to scale up its investments in the automotive industry in the African market by establishing two factories in the continent, with an annual production capacity of 100,000 cars each.
Karube noted that Egypt is one of the preferred candidates for the project, given the availability of factories for auto-feeding industries; qualified manpower; and an efficient investment environment.
