Egypt’s participation in the Tokyo International Conference on African Development, or TICAD 7, will lead to a new phase in economic relations with Japan, Trade Minister Amr Nassar said in Tokyo on Tuesday.
The minister was participating in the Egyptian-Japanese business forum being held on the sidelines of TICAD.
“Egypt’s participation in TICAD 7 with a high-level delegation paves the way for a new phase in the two countries’ relations in all sectors of cooperation, and it is important to activate joint work to develop Africa,” Nassar said.
Egypt is eager to maintain relations with the Japanese business community and enhance trade cooperation between the two countries, Nassar said.
Japan is one of Egypt’s most important commercial partners, with bilateral trade hitting $1.2 billion in 2018, while Japanese investments in the domestic market were worth $700 million.
“There is a significant chance of expanding the joint Egyptian-Japanese cooperation with African countries, especially as Egypt is the [current] chair of the African Union,” Nassar added.
He stressed the importance of making use of the incentives that Egypt has under the African Continental Free Trade Agreement, which has been in force since May.
He announced that a “Made in Africa” conference will be held in November, in coordination with Egypt’s investment and foreign affairs ministries.
Nassaralso said that the trade ministry has launched a strategy aiming to boost foreign commercial and industrial development in Egypt, as part ofEgypt Vision 2030,the national sustainable development plan.
This strategy, according to Nassar, aims to increase the competitiveness of a number of industrial sectors.
The trade ministry has cooperated with the investment and international cooperation ministry to finalise a new industrial map, which includes all available industrial opportunities around the country.
“We took key actions to improve the industrial sector, aiming to increase industrial cooperation and transfer technology from Egypt to all its partners at the regional and international levels,” he said.
“Egypt has been working, during the few past years, on implementing macroeconomic policies which target achieving sustainable economic growth rates,” he said.
“Egypt’s government places the economic reform in the top of its priorities through Egypt Vision 2030, which aims to put Egypt among the top 30 countries globally in social development and in economic metrics. Moreover, the short-term economic plan for 2020 will help to increase the GDP average, decreasing the inflation rate and budget deficit,” Nassar said.