Egypt’s Finance Minister Mohamed Maait said that Egypt has become more attractive to foreign investments, thanks to incentives offered to the private sector, topped by the State Ownership Policy Document and the Golden License.
During his meeting with South Korean Ambassador in Cairo Hong Jin-Wook on Tuesday, the minister said Egypt is looking forward to beefing up investments of Korean companies in Cairo in a way that contributes to maximizing the Egyptian production and export capabilities, and promoting partnership between the two countries.
Korean electronic investments in Egypt do play a pivotal role in shoring up the national industry, increasing the proportions of the technological components in the industry and securing new jobs, Maait said.
The Government Export Support Program (ESP) is more stimulating for the production and export sectors, the minister further said.
He added that some EGP 28.1 billion of the new budget has been allocated for supporting export companies.
A memorandum of understanding will be signed between the Egyptian and South Korean customs authorities by the end of the current month with the aim to boost customs cooperation and facilitate trade movement, the minister said.
For his part, the South Korean diplomat said the South Korean companies are keen on investing in Egypt, expressing his appreciation of the Finance Ministry’s efforts to encourage investments and promote trade movement.
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