Japan’s Toyota Tsusho is to establish two car factories in Africa, with an annual production capacity of 100k cars per factory, Egypt is one of the preferred countries for the country.
Japan’s Toyota Tsusho is to establish two car factories in Africa, with an annual production capacity of 100k cars per factory, The General Authority for Investment and Free Zones (GAFI) said in a statement.
A representative from that Egyptian-Japanese Business Council pointed out that Egypt is one of the preferred countries for the establishment of a factory for three reasons. The first reason is the establishment of factories that feed the automotive industry, such as the car braid factory, and the second reason is the presence of qualified manpower, as Toyota Tsusho will rely on local expertise. The third reason is the efficiency of the investment environment in Egypt.
Earlier this week, the Japan International Cooperation Agency (JICA) announced that it will finance the third tranche of the first phase of Line 4 of the Greater Cairo Metro, with a total investment value of 100 billion Japanese yen, which accounts for more than $730 million.
The cooperation between Egypt and Japan has witnessed steady growth in recent years, with Japanese direct investment in Egypt increasing by approximately 52% in 2021.
