Sigma Capital

22-10-2024

Minister of Investment and Foreign Trade witnesses the signing of a memorandum of understanding between the United Nations Development Program and the Egyptian-Japanese Business Council to enhance joint cooperation

Source: MIST

Special priority for Japanese investments and programs and projects provided by the United Nations Development Program
The agreement will contribute to integrating the Japanese experience through the Egyptian-Japanese Business Council.
Positive developments recently approved by the Egyptian government to encourage foreign investments in Egypt.
Eng. Hassan El Khatib, Minister of Investment and Foreign Trade, witnessed the signing of a memorandum of understanding between the Egyptian-Japanese Business Council and the United Nations Development Program, in the presence of Mr. Hiroshi Oka, Japanese Ambassador to Cairo, and Mr. Hossam Heiba, Chairman of the General Authority for Investment and Free Zones. The memorandum of understanding aims to activate joint work between the Council and the program in several areas, including participation in organizing joint events, active participation in initiatives provided by the program and Egyptian government initiatives, business support programs, investment promotion, capacity building programs, research cooperation and communication with companies, and cooperation in efforts that support sustainable development goals within the regulatory framework of Egypt.
The memorandum of understanding was signed by Mr. Alessandro Fracassetti, Resident Representative of the United Nations Development Program in Egypt, and Mr. Mamdouh El Araby on behalf of Mr. Ibrahim El Araby, Chairman of the Egyptian-Japanese Business Council.
The Minister reviewed the positive developments recently approved by the Egyptian government to encourage foreign investments in Egypt, noting that Egypt gives special priority to Japanese investments and to the programs and projects provided by the United Nations Development Program for sustainable development and capacity building.

Al-Khatib added that this agreement will contribute to integrating the Japanese experience through the Egyptian-Japanese Business Council with the programs provided by the United Nations Development Program to expand their activities in Egypt, which the Ministry of Investment strongly supports during the current period to encourage business institutions and councils to play their role in supporting the national economy.

For his part, Mr. Hiroshi Oka, the Japanese Ambassador to Cairo, pointed out the importance of such agreements in supporting development work, which Japan attaches utmost importance to in Egypt through JICA, JETRO and others, noting that this agreement will be a strong window to provide more capacity building programs and technology transfer to public and private sector companies in Egypt.

The Japanese Ambassador expressed his appreciation for the pioneering role of the Minister of Investment and Foreign Trade in supporting Egyptian-Japanese cooperation and holding the Egyptian-Japanese Joint Committee last September, as well as receiving the Japanese businessmen mission and holding the Egyptian-Japanese Green Energy and Water Management Forum.
In turn, UNDP officials expressed their appreciation for reaching this agreement, which is considered a pioneering start to work closely with Egyptian private sector companies in partnership with the public sector, noting that the Egyptian-Japanese Business Council represents a model of a successful partner with Japan, which is in line with the policies and programs of the Development Program in Egypt and the Arab countries. The signing ceremony was attended by Mr. Mohamed Youssef, Advisor to the Chairman of the Authority for Promotion, Ms. Marwa Hussein, Head of the Japan File at the Authority, Mr. Gimar Dib Nab, Resident Representative, and Ms. Mai Abdel Rahman, Program Officer. The Japanese side was also represented by Mr. Kato Ken, Director of JICA in Egypt, Mr. Yoko Ishikawa, Director of JETRO in Egypt, Mr. Fadl Abdel Hamid, Secretary General of the Egyptian-Japanese Business Council, and Mr. Hidenori Nishi, Head of the Japan Business Association in Egypt, in addition to the UNDP delegation and representatives of the Japanese Embassy in Cairo.