(MENAFN- Daily News Egypt) Minister of Investment and Foreign Trade Hassan El-Khatib laid the foundation stone for the Japanese company Otsuka to manufacture nutritional supplements in 10th of Ramadan City.
He acted on behalf of Mostafa Madbouly, Prime Minister, in the presence of Hazem El-Ashmony, Governor of Sharqia; Oka Hiroshi, Japan's Ambassador in Cairo; and Ahmed Zaghlool, Chairperson of the Board of Arab Otsuka NutraceuTicals.
The minister stated that this project represents the fruit of ongoing economic cooperation between the two countries and reflects Egypt's commitment to providing an open, dynamic, and globally competitive investment environment.
El-Khatib added that Otsuka is one of the largest Japanese companies operating in the Egyptian market, specializing in pharmaceuticals, dietary supplements, health drinks, and innovative storage solutions since 1977. He noted that the factory will operate in medical solution production with a total investment of EGP 1bn in the industrial zone of 10th of Ramadan City.
The minister noted that the new project by the company aims to produce nutritional supplements, beginning with the product Oronamin C.
He added that the project is geared toward exporting to African countries and the Arabian Gulf. Since its inception, it has received significant support and attention from the Egyptian government and political leadership, with the state ensuring the issuance of the golden license to streamline all procedures for this project.
El-Khatib explained that Otsuka is one of only three Japanese companies granted the golden license, becoming a model for foreign companies aspiring to enter the Egyptian market.
He expressed his hope that this important project will positively attract more Japanese companies, leveraging Egypt's strategic location at the crossroads of three continents, its growing industrial base, and its notable trade agreements, which offer exceptional opportunities for international investors.
The minister highlighted that this factory will produce for the local market and serve as a key link in regional and global supply chains, strengthening Egypt's position as a gateway to markets in Africa, the Middle East, and Europe. He noted that the factory reflects global confidence in Egypt's potential to be a hub for industrial growth and innovation, contributing to job creation, knowledge transfer, and the development of advanced industries.
El-Khatib concluded that the Egyptian government has prioritized enhancing infrastructure, improving legislation, and creating a favourable investment climate. He pointed out that Egyptian-Japanese relations are strong, with the Egyptian government highly committed to supporting economic and investment cooperation between the two countries. This collaboration aims to attract more Japanese investments across various fields, facilitating the transfer of modern technology, creating more jobs, and adding value to the Egyptian economy.
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