Japan’s Mitsubishi Heavy Industries to open permanent office in Egypt

Renowned Japanese company Mitsubishi Heavy Industries announced it is eager to open a permanent office in Egypt as the Arab nation can provide promising investment opportunities, according to a statement by the Egyptian presidency.

The statement by the Tokyo-based corporation came at a Saturday meeting in Cairo between CEO Shunichi Miyanaga and Egyptian President Abdel Fattah al-Sisi in a follow-up to memorandums of understanding signed during the latter’s visit to Japan last month.

Last week, Egyptian Minister of International Cooperation Sahar Nasr agreed with the Japan International Cooperation Agency (JICA) on the provision of the second finance tranche for Cairo’s metro line IV project.

In March, Nasr signed three concessional loan agreements with JICA worth more than $450 million to finance projects in the energy and transport sectors during al-Sisi’s visit to Japan.

Japanese Premier Shinzo Abe said in March that Japanese companies are set to take part in Egyptian projects worth some 2 trillion yen ($17.7 billion) in the electricity and other sectors.

Source: Ahram Online