Direct Japanese investments in Egypt rose by 52% in 2021 and the Egyptian government is aiming to attract further Japanese investments in the county to double this figure, Minister of Finance Mohamed Maait said in a statement on September 21st.
The government is also considering the issuance of green Samurai bonds over the coming period after its first successful offering of JPY 60 billion bonds in the Japanese market, Maait added. He also mentioned that trade exchange between Egypt and Japan recorded $1.5 billion in 2021, growing by 13% year-on-year (YoY).
The minister highlighted that the government is looking forward to seeing Japanese investments double in Egypt in line with the bilateral cooperation between the two countries in various projects, including the Japanese university and schools, Cairo Metro, the comprehensive health insurance, oil and gas projects, and other programs backed by Japan International Cooperation Agency (JICA) in Egypt.
These programs cover renewable energy generation programs and Abu Al-Rish Japanese Hospital, he indicated. Moreover, Maait stressed that the performance of the Egyptian economy was positive in fiscal year (FY) 2022 in a way that encourage the local and foreign business communities to invest in Egypt.
Egypt has been successful in achieving a primary surplus of 1.3% of gross domestic product (GDP) in FY 2021/2022, and cutting the overall deficit to 6.1%, and debt rate to 87.2% of GDP, Maait said.