Sahar Nasr: Egypt Has Promising Investment OpportunitiesSource: www.export-egypt.com 3/3/2016, Location: Africa |
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Egyptian Minister of International Cooperation Sahar Nasr stressed profound partnership between Egypt and Japan and keenness of both sides on enhancing cooperation for the best interests of both peoples.
Addressing the Egyptian-Japanese Business Forum, Nasr said the strategic relations are reflected in the volume of development and investment cooperation which dates back to several decades and yielded grants amounting to 152 billion yens and development loans of 616 billion yens. More than 66 Japanese companies are operating in Egypt with total investments reaching around $ 771 million in the fields of financial services, petroleum and natural gas, she said. She asserted that the Egyptian government has exerted efforts through which it was able to gain the confidence of international finance corporations and was able, despite the difficulties and challenges, to reach a gradual and continued improvement in its credit rating. The political leadership believes in the importance of attracting foreign investments in various fields, improving the investment atmosphere and eliminating all obstacles impeding economic and social development especially that Egypt is a promising nation in investment opportunities in all sectors, she said. She called on the Japanese companies to intensify their presence in Egypt and expand their activities to make use of the incentives of investments provided by the new law in this respect. She referred to numerous projects in which Japanese companies can invest, namely energy especially that Egypt is drawing up a strategy for solar energy that enables it to become a producer and exporter of solar energy by 2030. Japanese companies can participate in national projects including the Suez Canal axis development especially that Japan was among the first countries to participate in the construction of the New Suez Canal, she added. She pointed to education as being one of the main sectors of cooperation the Egyptian government is keen on boosting particularly in the field of elementary education. Nasr, said that the two countries signed a framework agreement on extending Korean loans to Egypt. In press statements after the signing ceremony, she noted that the agreement will constitute the general framework for joint cooperation with the South Korean Export and Import Bank to benefit from soft loans extended by the bank to developing countries. She added that a memorandum of understanding was also signed by the two sides for extending three billion dollars to Egypt for financing development projects. The agreements are part of nine cooperation agreements and memorandums of understanding that were signed by the two countries. |
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