Egypt’s General Authority for Investment and Free Zones (GAFI) signed on August 28 a memorandum of understanding (MoU) with MUFG Bank, Japan’s largest bank, aiming to set an action plan to boost bilateral investments, Invest-Gate reports.

This came on the sidelines of the seventh Tokyo International Conference on African Development (TICAD 7), where Minister of Investment and International Cooperation Sahar Nasr stated that the deal would enable the provision of economic data and charts, potential investment opportunities, and laws related to investing in Egypt.

It will help in facilitating cooperation in investment and encouraging the establishment of joint ventures, Nasr explained. She noted that workshops between Japanese investors and Egyptian businessmen will also be arranged to discuss investment opportunities in targeted sectors such as infrastructure, food, automotive, and agriculture industries.

The minister hailed the increasing Japanese investments in Egypt over the past years, which surged 73.3% to hit USD 162.1 mn in FY 2017/18, compared to USD 93 mn a year earlier.

For his part, Masato Miyachi, MUFG Bank’s senior managing corporate executive, emphasized that there are significant opportunities to be tapped to further raise Japanese investments in Egypt, given its varied economy and wide labor base, alongside its strategic location, which makes it close to key global markets.

“Egypt is a key pillar in [the Middle East and North Africa] region, which is why our regional office is located there. This has helped in transferring significant experience about Egypt’s – and the region’s – investment nature,” Miyachi elaborated.