Nassar: We Seek New Phase of Economic Cooperation with Japan

Minister of Trade and Industry Amr Nassar stressed, on Tuesday, the Egyptian government's keenness to create solid and sustainable relations with the Japanese business community that will enhance investment and trade cooperation between Egypt and Japan during the coming stage, pointing out that the Egyptian-Japanese Business Forum represents an important shift in the economic relations between the two countries in particular and among the African continent states in general.

During his participation in the activities of the Egyptian-Japanese Business and Investment Forum, held on the sidelines of Egypt's participation in “TICAD 7”, the minister said that Egypt's participation with a high-level delegation of officials and businessmen headed by President Abdel Fattah El-Sisi in TICAD 7, paves the way for a new phase of distinguished Egyptian-Japanese economic relations at all levels and in various fields, taking into account the importance of activating the joint work to develop the African Continent.

Nassar added that Japan will remain one of Egypt's most important economic partners at the regional and global levels pointing out to the bilateral relations between the two sides basing on friendship and comprehensive cooperation in the fields of trade, investment and industrial development.

He expressed his full confidence in the Japanese business community to play a pivotal role in transferring advanced Japanese technologies and industrial expertise to the Egyptian industry.

The Minister noted that the current stage represents an important turning point in the history of bilateral Egyptian-Japanese relations and makes Japan one of the most important trading partners of Egypt at the global level, pointing out that the trade exchange rates between the two countries last year reached $1.2 billion and the volume of Japanese investments in the Egyptian market reached $700 million.

Nassar revealed that during the past few years, Egypt has been working to implement macroeconomic policies aimed at achieving persified and sustainable economic growth rates, pointing out that the Egyptian government puts economic reform at the top of its priorities through the implementation of a comprehensive development strategy " Egypt Vision 2030" which aims to achieve several goals that place Egypt among the top 30 countries globally in the fields of economy and social development.

He said that the short-term economic plan of the government 2020 will contribute to an increase in the average of GDP growth, and reducing the budget deficit and inflation rates, confirming that it is expected to achieve industrial growth rates of 7% and increase the contribution of the energy sector in the gross national product from 13.1% to about 20%.

Nassar added that the ministry has launched a strategy to promote industrial development and foreign trade in 2020 as part of Egypt's Vision 2030 strategy, pointing out that the ministry's strategy aims to increase the competitiveness of a number of industrial sectors.

In this context, the minister pointed out that the ministry, in cooperation with the Ministry of Investment and International Cooperation, has finalized the preparation of the industrial investment map, which includes all investment opportunities available in various industrial sectors as well as the industrial land allocated for industrial activities in all governorates.

He added that the ministry has implemented basic steps to improve the industrial sector. These steps aimed at increasing industrial cooperation and technology transfer between Egypt and its partners at the regional and international levels.

Nassar pointed out that the current stage represents a good opportunity to look forward to expanding the scope of Egyptian-Japanese cooperation in the African continent, in light of the unprecedented political support for this important file, especially amid Egypt's presidency of the African Union this year.

In this context, the Minister announced that the Ministry of trade and Industry is organizing a technical conference entitled "Made in Africa" in cooperation and coordination with the Ministries of Foreign Affairs and Investment.

He pointed out that the Egyptian government is looking forward to further bilateral cooperation between Egyptian companies and their Japanese counterparts, stressing the keenness of the government to provide all support for Japanese companies wishing to work in the Egyptian market to take advantage of the good investment climate.