Japan slows investment in Egypt

Japanese investments in Egypt may be at risk of shrinking in the near future, Japan’s ambassador to Egypt Takehiro Kagawa told Al Shorouk. Investments, which stand at around USD 100 mn per annum, have been put at risk due to the depreciation of the EGP since the November float. Some of these have been suspended due to the weakening EGP, and will be reevaluated when Egypt’s economy stabilizes. Kagawa’s statements came despite Trade and Industry Minister Tarek Kabil announcing that a delegation of major Japanese food and agriculture companies would be visiting Egypt to explore potential investment opportunities, the newspaper reported.