Japanese trading group Toyota Tsusho discussed expanding its investments in renewable energy and automotive manufacturing and assembly in Egypt, as Cairo seeks to attract more Japanese companies and establish a Japanese industrial zone in the Suez Canal Economic Zone (SCZONE).
Foreign Minister Badr Abdelatty met Toyota Tsusho Chief Executive Toshimitsu Imai on Tuesday to discuss economic and investment cooperation, the Foreign Ministry said.
Abdelatty said Cairo wanted to build on talks held with the company during his visit to Japan in June, particularly by expanding Toyota Tsusho’s involvement in renewable energy and the local manufacturing and assembly of vehicles.
The talks also covered plans for a Japanese industrial zone in the SCZONE, which the government hopes will encourage more Japanese companies to establish operations in Egypt.
Abdelatty called on Toyota Tsusho to help attract further Japanese investment and facilitate the transfer of technology and industrial expertise, citing the group’s leadership of the Japanese side of the Egypt-Japan Business Council.
The ministry did not disclose the potential value of new investments or provide a timetable for establishing the proposed Japanese industrial zone.
