EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Toyota Tsusho to invest $1.5bn in Egypt
Published in Daily News Egypt on 07 - 04 - 2015

Toyota Tsusho is targeting investments of $1.5bn in two projects in Egypt in the new and renewable energy sector and Mediterranean natural gas exploration, Egypt's Ambassador to Japan Ismail Khairat announced Tuesday.
The announcement came during a meeting between Khairat and leaders of Toyota Tsusho, the commercial arm of international automobile firm Toyota Motor Corporation. The meeting was held to discuss methods of investing "the successful meeting" between President Abdel Fattah Al-Sisi and Japanese Prime Minister Shinzo Abe, a Ministry of Foreign Affairs statement said.
Toyota has several projects in Egypt's infrastructure, especially in the energy sector, Khairat said. He noted that the company is willing to invest in the new and renewable energy sector after the issuance of the feed-in tariffs.
The government had introduced in September 2014 the feed-in tariffs that encourage investment by offering long-term contracts to renewable energy producers based on the production cost of the technology.
Khairat praised Toyota's commercial and investment activity, as the company has been operating in Egypt since 1933. He added that it is playing a "pivotal role", along with the Egyptian-Japanese Business Council.
Japan announced in January it will provide Egypt with $360m in financial support for the energy sector, marking the development of the relations between both countries. The financial aid will include other sectors such as infrastructure and technology, part of a total aid package for the Middle East amounting to $2.5bn.
In April 2014, the Ministry of Petroleum announced the construction of a deepwater drilling rig with $900m in investments, funded by Bank of Japan. The project will run in cooperation with the Egyptian Natural Gas Holding Company (EGAS), Ganoub El-Wadi Petroleum Holding Company (Ganope), Japan's Toyota Tsusho and the Japan Drilling Company.
There are currently 50 Japanese companies working in Egypt in different sectors, and total Japanese contributions to capital are estimated to be worth $203m, according to official figures.


Clic here to read the story from its source.