Egypt seeks partnership with Japan on localization of automotive industry

Egypt’s General Authority for Investment and Free Zones has indicated that the North African country is seeking cooperation with Japan to localize the automobile industry.

Hossam Heiba, Chairman of the authority, discussed with President of Toyota Tsusho a sustainable partnership between the two countries to conquer the African market, leveraging on Japan’s technological, investment and export capabilities, Egyptian capacity to develop African infrastructure, as well as Egypt’s experience in the African market and the distinctive and strong relationships with intra-continent business community leaders.

The Egyptian official also indicated that authorities are open to the proposals of the Japanese- Egyptian Business Council to improve the investment environment.

The council is expected to convene in August and the Egyptian government plans a roadshow in Tokyo next September to attract Japanese companies to invest in Egypt.

The Japanese company said it is seeking a revival of the automobile industry in the African market, where the company will establish two intercontinental plants, with a production capacity of 100 thousand cars annually each, as well as its factories in a number of countries on the continent.