Egypt keen on encouraging local and foreign investment: Finance Minister

Daily News Egypt
3 Min Read

Minister of Finance Mohamed Maait said that the Egyptian authorities are keen on encouraging local and foreign investment and eliminating obstacles that investors face in a meeting with the Japanese Ambassador in Egypt, Oka Hiroshi. 

The aim of this is to localise industry, maximise production capabilities, and expand exportation to support economic growth and generate jobs. 

He also pointed out that Japanese automobile manufacturing companies have promising opportunities to invest in Egypt, especially in the field of electric vehicle manufacturing and the support the state provides to use modern eco-friendly transportation means.  

In his meeting with the Japanese ambassador, Maait expressed the Egyptian side’s appreciation of the support Japan offers to apply the comprehensive health insurance system and its cooperation in the field of education development, adding that the political leadership pays great attention to education and health as the main pillars of human development. 

For his part, Oka said that the situation in Egypt has changed compared to 40 years ago, saying that “there is a major development process taking over all aspects of life in Egypt.”

He also stressed that Egypt plays an essential role in the stability of the region and continent, noting that Japan is keen on cooperating with Egypt to reinforce regional and continental efforts. 

Oka added that new Japanese companies have decided to invest in Egypt over the coming period to utilise its attractive business and investment climate, pointing out that the Japanese business community and investors in Egypt are satisfied with the Advance Cargo Information (ACI) system at customs ports. 

He also praised the efficiency of the system, noting that he has received positive feedback from Japanese companies in this regard. 

Furthermore, the two parties discussed the possibility of issuing Egyptian bonds in Japan for the first time within the framework of the government’s plan to issue long- and medium-term government bonds that target new instruments, such as Sukuk, sustainable development bonds, and green bonds. 

This will eventually expand the investor base and attract extra liquidity to government securities’ markets to reduce debt. 

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