Al-Mashat Stresses Gov't's Full Support for Japanese Private Sector Investments in Egypt

At the beginning of H.E.’s visit to Tokyo, Minister Rania A. Al-Mashat participated in a high-level event organized by the Ministry of Foreign Affairs of Japan and the Japan International Cooperation Agency (JICA), celebrating 70 years of development cooperation with Egypt.

The event was attended by Japanese Foreign Minister Mr. Takeshi Iwaya, JICA President Mr. Akihiko Tanaka, UNDP Administrator Mr. Achim Steiner, Mr. Hideo Ishizuki, Director-General of the International Cooperation Bureau at the Japanese Ministry of Foreign Affairs, Egyptian Ambassador to Tokyo Mr. Mohamed Abu Bakr, and representatives from Laos, Maldives, Senegal, Tunisia, as well as government and Japanese financial institution officials.

In her speech, Al-Mashat reviewed the developments in Egyptian-Japanese relations at various levels and highlighted the close alignment in visions and shared positions.

Dr. Al-Mashat underscored the vital role of this partnership in contributing significantly to development, stressing the importance of multilateral cooperation in addressing development challenges.

Dr. Al-Mashat emphasized that the challenges faced by developing countries require an expansion of development cooperation and the strengthening of mutual partnerships based on respect.

Al-Mashat noted that Egyptian-Japanese cooperation, particularly in development, has evolved significantly over the years, especially during the presidency of H.E. Abdel Fattah El-Sisi.

The two countries exchanged visits, and in 2023, the relationship was elevated to the level of a strategic partnership, opening wider prospects for economic cooperation. She stated that celebrating the 70th anniversary of this partnership establishes a new phase of more diversified economic cooperation.

Dr. Al-Mashat noted that Egyptian-Japanese relations have always reinforced Egypt's strategies in priority sectors, supporting the implementation of Egypt's Vision 2030. These relations have contributed to advancements in several areas, including sustainable social and economic development, facilitating the green transition, enhancing renewable energy, improving education and human capital, driving inclusive growth, developing infrastructure, encouraging private sector participation, and supporting technical cooperation projects for capacity building, vocational education, and SME development.

Al-Mashat emphasized that, in line with the Egyptian government's priorities, economic development and private sector empowerment will be focal points of future cooperation between the two countries.

The government is committed to providing comprehensive support to the private sector, including Japanese companies, to increase their investments in Egypt, improve the business environment, and enhance the investment climate.

The Ministry is keen on fostering partnerships between Japanese financial institutions and Egypt’s private sector, facilitating access to additional financing mechanisms.

The government aims to increase the private sector’s contribution to the economy to 65% within the next three years. Therefore, Al-Mashat called for increased support from international partners, including Japan, to stimulate investments through blended finance, particularly in prioritizing sectors such as localizing industry.

Dr. Al-Mashat also highlighted successful Egyptian projects funded by Japan, reinforcing the strength and importance of the Egyptian-Japanese partnership. These include the Comprehensive Health Insurance Project, various metro lines, and the Grand Egyptian Museum.

Minister Al-Mashat concluded by noting that the world’s current challenges, compounded by geopolitical tensions, can only be addressed through international collaboration, collective action, and a reconsideration of the global financial structure to ensure fairness and meet the needs of developing countries.

Dr. Al-Mashat also addressed South-South cooperation and triangular cooperation, emphasizing that Egypt serves as a gateway for Japanese investments and exports to Africa and the Middle East. South-South and trilateral cooperation are essential tools to accelerate development through enhanced partnerships, exchanges of experiences, and replication of successful development models.

It is worth noting that Egyptian-Japanese development cooperation began in 1954 and has evolved significantly over the decades, particularly under the leadership of H.E. President Abdel Fattah El-Sisi. In 2023, the relationship was upgraded to a strategic partnership. The Ministry of Planning, Economic Development, and International Cooperation is working to establish an annual policy dialogue between Egypt and Japan with the participation of government and private sector officials to advance the relationship and define future priorities.