Egypt and Japan eye enhanced economic cooperation on 70th anniversary of ties

RIYADH: Egypt and Japan are poised to bolster their economic relations following a virtual meeting between key officials from both countries. 

Rania Al-Mashat, Egypt’s minister of planning, economic development and international cooperation, held talks with Oka Hiroshi, Japan’s ambassador to Egypt, to explore avenues for enhanced economic cooperation to deepen bilateral ties and expand collaborative efforts. 

The meeting marks the first interaction between Al-Mashat and Hiroshi since the recent merger of Egypt’s Ministry of Planning and Economic Development with the Ministry of International Cooperation. 

It also aligns with the 70th anniversary of diplomatic relations between the two nations, according to a statement by the Egyptian Cabinet. 

Al-Mashat highlighted the importance of strengthening international partnerships in industrial localization and human development as the milestone anniversary approaches. 

The minister emphasized the strong ties between Egypt and Japan and highlighted their significant partnerships across key areas. These include investments in human capital, infrastructure projects and support for renewable energy transitions, all contributing to inclusive and sustainable growth. 

Hiroshi expressed Japan’s pride in its partnership with Egypt and its dedication to furthering cooperation in various areas. Both sides also agreed to organize a high-level policy dialogue by the end of August, which is expected to strengthen bilateral collaboration, the statement added. 

The policy dialogue will focus on development cooperation, exploring future proposals and technical assistance aligned with Egypt’s 2030 Vision — the government’s three-year program — and various ministry priorities. 

Al-Mashat stressed the importance of deepening partnerships with Japan, particularly in industrial development, localization and human capacity enhancement to support the Egyptian government’s strategic goals. 

She highlighted the importance of these two areas and their role in achieving comprehensive and sustainable economic development, underscoring the need to utilize Japanese expertise in these fields. 

The discussions also covered Al-Mashat’s upcoming visit to Japan, which is set to commemorate the 70th anniversary of bilateral relations. The visit is expected to include extensive meetings with Japanese officials and development institutions, according to the official statement. 

Al-Mashat highlighted that the Egyptian-Japanese partnership has significantly advanced under President Abdel Fattah El-Sisi, evolving into a strategic alliance. This progress has driven notable achievements in development projects, politics, economics, trade, investment and health care. 

She added that the partnership has also achieved progress in culture, education, science and technology, both bilaterally and multilaterally. 

The meeting also addressed key joint priorities, including the World Bank-approved Development Policy Financing loan program to support Egypt’s post-pandemic recovery, and several grants nearing completion in culture and agriculture. 

The minister stressed the importance of coordinating with partners to advance Egypt’s development plans and bolster economic and social progress. 

She highlighted ongoing collaboration with the Japan International Cooperation Agency and other financial institutions to drive private sector investment in key sectors, reflecting the government’s focus on enhancing economic policies and expanding the role of the private sector in development. 

She also spoke about the pivotal role of Japanese institutions in financing private sector energy projects under Egypt’s Nexus of Water, Food, and Energy program, which seeks to advance the country’s climate goals. 

Japan remains a key development partner for Egypt, with a portfolio of over 18 projects valued at approximately $3.9 billion.