Egypt's Foreign Minister Discusses Expanding Toyota Tsusho Automotive Investments

Dr. Badr Abdelatty, Egypt's Minister of Foreign Affairs, Emigration and Egyptian Expatriates, met with the Chairman of Japan's Toyota Tsusho Group to discuss strengthening economic and investment cooperation between Egypt and the group, while supporting existing partnerships in several vital sectors.

Praise for Ongoing Cooperation with the Japanese Group

Minister Abdelatty expressed his appreciation for the continued collaboration with Toyota Tsusho, emphasizing that it represents a strategic partner for Egypt in numerous economic fields. He also conveyed his aspiration to enhance the group's contribution to developing the automotive sector and supporting Japanese industries operating in the Egyptian market.

Japanese Industrial Zone in the Suez Canal Area

The Foreign Minister affirmed the state's interest in establishing a Japanese industrial zone within the Suez Canal Economic Zone, which would increase the presence of Japanese companies in the Egyptian market and leverage the competitive advantages the zone offers investors. He also expressed Egypt's desire to cooperate with Toyota Tsusho in attracting more Japanese firms and enhancing the transfer of technology and industrial expertise to the local market in the coming period.

Localizing Automotive Industry is a State Priority

Abdelatty stressed that localizing the automotive industry is a top priority for the Egyptian state, outlining the incentives and measures the government has adopted to support this strategic sector. He also expressed his aspiration to strengthen cooperation with Toyota Motor Corporation in areas of local manufacturing and feeder industries, alongside establishing regional supply chains originating from Egypt to serve various markets.

Review of Economic Reforms and Investment Opportunities

During the meeting, the Foreign Minister reviewed the developments in the Egyptian economy and the economic reforms implemented by the state in recent years, highlighting the promising investment opportunities available to Japanese companies in the Egyptian market, particularly given the incentives offered by the government to support the industrial sector and localize the automotive industry.