Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE) signed a memorandum of understanding (MoU) with Toyota Tsusho Corporation, a member of the Japanese manufacturer Toyota Group, for cooperation in a set of projects about infrastructure and green energy, according to an official statement on August 17th.
The protocol includes exploring cooperation in the fields of infrastructure, carbon neutrality, logistics, renewable energy, water, and green and blue hydrogen and ammonia.
Under the MoU, SCZONE and Toyota Tsusho will conduct feasibility studies for different projects to identify the best objectives for both parties.
Commenting on the event, the Japanese Ambassador to Egypt Oka Hiroshi noted that the SCZONE offers several investment advantages and incentives, stressing the importance of cooperation and attraction of more Japanese investments to the zone, especially in the field of green hydrogen.
On August 15th, Egyptian Ministry of Petroleum and Mineral Resources announced that it considers an initial study for the production of blue low-carbon ammonia in collaboration with Japan-based Toyota Tsusho Corporation.
Source: Arab finance
