Minister of Finance and Deputy Minister meet with the Executive Vice President and Deputy CEO of JTI
Minister of Finance, Mohamed Maait, and Deputy Minister of Finance, Ahmed Kochouk, met with the Executive Vice President and Deputy CEO at JTI (Japan Tobacco International) – Koji Shimayoshi, Regional President of Middle East, Near East, Africa, Turkey – Akhil Bhardwaj, General Manager at JTI Egypt – Anthony Smith, Japan Affairs Director – Kensuke Watanabe, Corporate Affairs & Communication Director – Mariana Magdy, alongside with ambassador of Japan to Egypt, Hiroshi Oka, and his first and second secretaries at the Japanese Embassy.
The meeting discussed ways to boost the company’s investments in the Egyptian market, as it comes within the framework of the Egyptian government’s interest in encouraging the private sector investments, keenness on consistent communication with investors, and considering investors’ suggestions and opinions. These efforts are part of the Egyptian government’s goals to enhance cooperation and bolstering support for investors in Egypt in a competitive and encouraging manner for the promotion of national, foreign and joint investments.
Executive Vice President and Deputy CEO at JTI, Koji Shimayoshi expressed his gratitude for the achievements accomplished by the company in Egypt. He also highlighted that these achievements stem from the company’s strategy towards strengthening its footprint and developing its business in the Egyptian market, considering it as one of the promising markets in the Middle East, North Africa, and globally. Additionally, he voiced the company trust in the investment climate that the Egyptian government is creating for local and international investors. He also stated that JTI is committed to provide its best products in terms of quality to the Egyptian consumer, in addition to discussing approaches to increase cooperation with the Egyptian government to inject new investments to achieve more successes in Egypt.
JTI’s Executive Committee presented the most prominent milestones achieved during the recent years, which resulted in positive and outstanding outcomes in the trade and investment field, including exporting products worth USD 1 bn during the last 10 years. The company also injected capital investments worth USD 400 mn, in addition to recruiting more than 1,000 employees, through direct or indirect employment, which reflects the company’s commitment to support the workforce and create job opportunities in Egypt.
JTI is considered one of the leading companies in the tobacco products’ manufacturing sector, and the Japanese government accounts for 33% of the company shares, making it the largest shareholder. Established in 1985, it has a global presence in more than 130 countries, with more than 400 offices and 55,000 employees. In addition to 39 factories and 8 research and development centers, JTI has placed Egypt among its top markets since the beginning of its investments in the Egyptian market in 2013. The company’s most popular products are Winston, Camel, Gold Coast, and Nakhla Tobacco. Among the company’s contribution in Egypt, JTI has paid nearly EGP 8.2 bn in taxes from the 1st of January 2014 to 31st of December 2022, as well as signing a manufacturing agreement with Eastern Company since 2014
