Trade exchange Egypt, Japan reaches $1.5B in 2021

Egypt Today: Trade exchange between Egypt and Japan increased by 13 percent during 2021 to $1.5 billion, according to Minister of Planning and Economic Development, Hala El-Said.

This came during El-Said’s meeting  with Oka Hiroshi, Ambassador of Japan and the new Commissioner of Japan in Egypt; to enhance cooperation between the two countries.

She added that the Egyptian exports to Japan recorded $327 million in 2021, marking an annual increase of about 7 percent, noting the support provided by Japan to Egypt in many activities, infrastructure and transport projects.

She pointed to the establishment of Line 4 in the Cairo Metro and Burj Al Arab Airport, in addition to the support provided in the establishment of the Grand Egyptian Museum, noting the progress made by the State of Japan in various fields, especially economic development, and sustainable development measures with regard to current global crises and challenges.

The Minister also discussed the joint cooperation between the two countries in the field of education and culture through the Educational Partnership Program “EJEP” and the Japan International Cooperation Agency, adding that the Ministry of Finance recently launched the first Egyptian bonds in the Japanese capital markets at a value of 60 billion Japanese yen, or about $500 billion.

She stated that the Ministry of Planning and Economic Development successfully launched a field survey of the impact of the coronavirus pandemic on small, medium and micro enterprises, in cooperation with Japan.

El-Said reviewed the Egyptian experience in several areas, including economic growth, noting that the Egyptian economy grew by 6.2 percent during the fiscal year 2021-2022, which reflected stronger economic activity than expected in the first nine months of the fiscal year.

She added that the Egyptian economy witnessed a growth of about 8 percent between July 2021 and March 2022, as well as an increase of 9.8 percent in the first quarter, 8.3 percent in the second quarter, and 5.4 percent in the third quarter.

She pointed to the economic and social development plan for the new fiscal year 2022/2023, stressing Egypt's keenness to follow up on developments in human development indicators by monitoring changes.

She added that the plan showed that positive indicators in the field of health included a decrease in infant mortality rates, children under the age of five and mothers, and a decrease in the prevalence of some diseases.

The Minister referred to the Sovereign Fund of Egypt and the Hayah Karima initiative, which aims to transform more than 4,500 Egyptian villages into sustainable rural communities.

Egypt Today Contribution Time: 28-Jul-2022 17:05 (GMT)
Egypt Today Last Update Time: 28-Jul-2022 17:05 (GMT)