The value of Japanese investments in Egypt increased 98.7 percent to reach $73.7 million during the fiscal year 2021-2022 as compared to $37.1 million in the previous year, official data showed.

According to the data issued by the Central Agency for Public Mobilization and Statistics, the volume of trade between the two countries, however, dipped by 26.3 percent to $1.1 billion in 2022.

Egypt exported goods worth $260.8 million to Japan in 2022, which included fuel, minerals, fruit, iron and steel products, carpets, and animal feed.

The North African country imported goods worth $888.5 million from Japan in 2022. The imported commodities included boilers, machinery, equipment, mechanical tools, cars, tractors, bicycles and pharmaceutical products.

The remittances from Egyptians working in Japan increased by 1.2 percent to reach $7.1 million during the fiscal year 2020-2021, compared to $7 million in the previous year. The data showed the value of remittances from Japanese workers in Egypt amounted to $901,000 during the same period.

Cooperation between Egypt and Japan began in 1954. The two countries are working together in various sectors including health, electricity, transport, navigation, education, and irrigation.

ArabNews