Hitachi offers Investments in Egypt
Japanese company, Hitachi, is interested in investing in Egypt by participating in the formation of Silos and logistical areas for wheat, grain and food commodities storage.
Hitachi has offered to participate in equipping silos with conveyor belts as well as wheat and grain suction blowers, state-news agency Mena reported.
The company works on delivering and maintaining the major components of silos and conveyor equipment for grain and other bulk materials. It also provides various products and services including construction machinery, power and industrial services as well as information technology.
In October 2014, the Ministry of Supply announced the construction of three international logistics centres for food commodities worth investments estimated at EGP 13bn. The logistics centres are to be located in three areas: Damietta, East Port Said, and Safaga.
The centres are expected to provide about 20,000 jobs during construction and operation, with the project expected to be completed in two years.
A global logistics project aiming to transform Egypt into a global logistics hub for securing the country’s food commodities and for exporting to other countries in the region is to be launched this year.
It is unclear whether Hitachi’s offer applies to the global logistics project or another project. Daily News Egypt tried to contact officials from the Ministry of Supply, however they were unavailable for comment.
In January 2015, President Abdel Fattah Al-Sisi called on Japanese businessmen to invest in Egypt. He invited Japanese Prime Minister Shinzo Abe to attend the country’s Economic Summit, which intends to attract billions of pounds of investments to Egypt.
It was also announced that Japan will provide Egypt with $360m financial support in 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.
Source: Daily News
