Egypt's General Authority for Investment and Free Zones (GAFI) signed on Wednesday a memorandum of understanding (MoU) with the Japanese MUFG Bank to set an efficient outline to boost bilateral investments.
Egypt's Minister of Investment and International Cooperation Sahar Nasr said that the MoU would help in providing information about economic data as well as charts, available investment opportunities, and the laws related to investment in Egypt.
"According to the MoU, a joint work group is to be formed from the two countries to set an action plan to boost investment cooperation," Nasr added.
The minister also praised the level of Japanese investments in Egypt over the past years, which increased 73.3 percent in fiscal year 2017/18, reaching $162.1 million compared to $93 million in FY 2016/17.
Masato Miyachi, MUFG's senior managing corporate executive, said that there are significant opportunities to be tapped to increase Japanese investments in Egypt given its varied economy and its large base of labour, as well as its strategic location, which makes it close to key global markets.
"Egypt is a main pillar in the MENA region, which is why our regional office is located these, and this has helped in transferring significant experience about Egypt's investment nature and in the whole region," he added.