Speech by Abou El Enein, Vice-Chairman of the Egyptian-Japanese Business Council in TICAD Summit
Businessman Mohamed Abu El-Enein, Vice-President of the Egyptian-Japanese Business Council, confirmed that Egypt has strong legislation working to encourage foreign direct investment, and a few days ago the Egyptian parliament, with the support of the government and an effort from the Minister of Investment and International Cooperation and the Minister of Industry and Trade, agreed to exempt expansions in projects of taxes for investors for a period of 5 years, which encourages investors to increase investments significantly.
This came during the opening of the Egyptian-Japanese business forum held on the sidelines of Egypt’s participation in a high-level delegation to the activities of the seventh session of the Tokyo International Conference “TICAD 7” in Yokohama in the presence of Dr. Sahar Nasr, Minister of Investment and International Cooperation, Dr. Amr Nassar, Minister of Industry and Trade, Masaki Noki, the Japanese Ambassador in Cairo, Mohsen Salah, Chairman of the Arab Contractors Company, Engineer Ibrahim Al Arabi Satoshi Ozawa, the heads of the Egyptian and Japanese sides in the Egyptian-Japanese Business Council, and a number of Egyptian and Japanese businessmen and investors.
Abou El-Enein pointed out that the cooperation between Egypt and Japan has increased over the past years, but it does not reflect the strength of the two countries, “Egypt and Japan”.
He added that we must go to the tax-free zones, by creating a special Japanese industrial city with the presence of the Silk Road that passes through the Middle East. Egypt is not only a gateway for 100 million people, but for the African market “one billion and 200 million people” that the Japanese products can reach easily.
Abou El-Enein stressed that setting up projects and increasing Japanese investments in Egypt with the presence of new legislation and available opportunities will achieve a major shift between the two countries, proposing the establishment of the Japanese bank, which will serve investors in industrial areas and will reflect the future vision to achieve more achievements between Egypt, Japan and Africa.
Abou El-Enein said that Japan can reach Africa, Europe and the Middle East through the unique geographical location of Egypt and the presence of a Japanese industrial zone in the Suez Canal economic zone, especially with the presence of experiences of multinational global companies in Egypt and the great successes and investments achieved in Egypt during the last period.