Egypt’s Foreign Minister Emphasizes Automotive Industry Localization in Meeting with Toyota Tsusho President

وزير الخارجية.

Badr Abdel Aty, Egypt’s Minister of Foreign Affairs and International Cooperation, met with the President of the Japanese group Toyota Tsusho to discuss enhancing economic and investment cooperation between Egypt and the company.

Minister Abdel Aty expressed his appreciation for the existing collaboration with Toyota Tsusho, praising its role as a strategic partner for Egypt in various economic sectors. He emphasized the desire to strengthen the group’s contribution to developing the automotive sector and Japanese industries in Egypt.

The minister highlighted the interest in establishing a Japanese industrial zone within the Suez Canal Economic Zone, aiming to enhance the presence of Japanese companies in the Egyptian market to leverage the competitive advantages offered by the area. In this context, he expressed hope for collaboration with Toyota Tsusho in attracting Japanese companies and enhancing technology transfer and industrial expertise to Egypt.

Abdel Aty stressed that localizing the automotive industry is a priority for the Egyptian state, reviewing incentives approved by the government to support this sector. He expressed eagerness to enhance cooperation with Toyota Motors in local manufacturing, supporting industries, and establishing regional supply chains originating from Egypt.

The minister also reviewed developments in the Egyptian economy and reforms implemented over recent years that have contributed to enhancing its competitiveness, supporting green transformation, and attracting foreign direct investments.

Additionally, he referenced the launch of the “National Narrative for Economic Development,” which outlines priorities aimed at empowering the private sector and attracting investments in renewable energy, infrastructure, and manufacturing sectors, along with a government offering program as part of state ownership policy.