Prime Minister Moustafa Madbouli welcomed the interest of the Toyota Tsusho Corporation to invest in Egypt.

He noted that the company signed a memorandum of understanding with the General Authority for Suez Canal Economic Zone (SCZONE) in the current month in the fields of green and blue hydrogen and green and blue ammonia production.

He made the remarks on Saturday during a meeting with a delegation of the executive leaderships of the company on the fringe of the 8th Tokyo International Conference on African Development (TICAD 8) hosted by Tunis on August 27-28.

He noted that Egypt has ratified a strategy for strengthening the local car industry and the cabinet has approved establishing the higher council for car industry and a fund for financing transition to sustainable transport.

He said there are promising chances for the company to invest in a complex for automobile industry which is due to be set up in Port Said.

Meanwhile, the Toyota company delegation hailed the level of cooperation with Egypt, noting the company contributes to the ongoing project of establishing a wind power plant with a capacity of 500 megawatts in the Gulf of Suez area.

The delegation thanked Egypt for removing all obstacles facing investments and improving the business climate.

MENA