Egypt is seeking cooperation with Japan to localized the automotive industry in the country, the General Authority for Investment and Free Zones (GAFI) stated on May 2nd.

The government is keen on attracting new Japanese investments for the Asian country’s exceptional role in achieving sustainable development and exchanging knowledge and expertise to the Egyptian market, CEO of GAFI Hossam Heiba said.

The Japan-Egypt Business Council meeting will be hosted in August and the Egyptian government plans for a roadshow in Tokyo next September to attract Japanese companies to invest in Egypt, Heiba noted.

He also added that Japan External Trade Organization (Jetro) will organize a visit to Cairo for Japanese businessmen, where they will discuss ways to promote trade between both countries as well as investment.

Additionally, he proposed that Egypt enters into a sustainable partnership with Japan to dominate the African market whilst making use of the technological and exporting abilities of the world's second-largest developed economy.

On the other hand, Chairman of Toyota Tsusho Corp Toyota Tsusho Corporation Jun Karube said that his company seeks to scale up the automotive industry in the African market by establishing two factories in the continent, with an annual production capacity of 100,000 cars each.

Karube noted that Egypt is one of the preferred candidates for the project, given the availability of factories for auto-feeding industries; qualified manpower; and an efficient investment environment.

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