THE WHAT? The Chairman of the Egyptian-Japanese Business Council, Ibrahim Al-Arabi has announced that Japanese cosmetics firm Saraya is set to pile US$10 million into the Suez Canal Economic Zone – the first investment to be made by a Japanese firm in the region, according to a report published by Egypt Today.
THE DETAILS The funds will be used to build a factory complex spanning some 20,000 square meters, which will produce J-beauty products and sterilization supplies under the Saraya name. Some 1,500 jobs will be created as a result.
THE WHY? Japanese-made goods are popular in Egypt, per Egypt Today, and it’s hoped that the successful J-beauty debut will attract further investment in the future.