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Discussing bilateral cooperation with Toyota Tsusho

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Prime Minister Sherif Ismail received today Mr. Toshiro Hidaka Managing Director of Toyota Tsusho and the delegation accompanying him in the presence of Dr. Mohamed Shaker Minister of Electricity and Renewable Energy, Eng. Tarek El Molla Minister of Petroleum and Mineral Resources and the Japanese Ambassador in Egypt Mr.Takehiro Kagawa.

At the beginning of the meeting the Prime Minister highlighted that Egypt considers Toyota Tsusho as  an important partner for the long history of cooperation between the two sides in a number of important projects, referring to some ongoing projects in the field of Renewable Energy such as establishment of a steam-electric power station , wind power plant, coal power station, and a steam-electric power station in Upper Egypt with capacity of  1,300 MW in addition to a carport project in the Suez Canal Economic Zone.

 Prime Minister reviewed main features of the economic reform program that the government is implementing, such as liberalization of exchange rate, the agreement with IMF, reforming and developing the subsidy system, applying the value added tax law and the civil service law, noting that these steps aims to improve the investment climate and will reflect positively on the competitiveness of the Egyptian economy enabling it to offer better opportunities for the foreign investment.

 He emphasized that Egypt is greatly interest to attract foreign investments in several fields such as water desalination, modernization and development of petroleum refineries and petrochemical industry, clarifying that the free trade agreements between Egypt and some African countries give Egypt advantages and more export opportunities to these markets.

 Mr. Hidaka praised the government efforts in economic reforms and the ongoing cooperation with Egypt reviewed the implantation procedures of some of his company`s projects in the country. He expressed his aspiration to further increase his company's investments in Egypt in fields of renewable energy, natural gas, petrochemical industries, and his interest to study several proposals mentioned in the meeting.