Egyptian Minister of Finance Mohamed Maeet met with South Korean Ambassador in Cairo Hong Jin-wook to discuss obstacles faced by Korean companies operating in Egypt.
Discussions also covered means to encourage more investment, an embassy press release said
Both sides agreed that solving Korean companies’ difficulties through regular meetings has helped increase trade and investment between two countries.
The two officials pledged to resolve the difficulties raised in Sunday’s meeting as soon as possible, and to maintain communication to keep strengthening bilateral economic co-operation.
In 2021, South Korea designated Egypt as a priority country for ODA (Official Development Assistance) and is expanding development co-operation projects which support Egypt’s economic development and improve living standards.
South Korea supports the introduction of e-government in Egypt by establishing e-procurement system.
The government is pressing ahead with all efforts meant to promote the private sector’s contribution to the development wheel in Egypt that would help provide more job opportunities, realise sustainable economic performance trajectories to meet citizens’ needs, ameliorate their living conditions and upgrade quality of services offered to them, the minister of finance told the South Korean diplomat.
The minister said: “We are keen on providing a luring and incentivising work environment for local and foreign investments to attract investors in various sectors to achieve all-out and sustainable development pillars.”
The minister affirmed strong commitment to boosting co-operation with South Korea in various domains, especially in the economic, investment and trade spheres, as well as localising electronic cars, information technology and communications, renewable energy, tourism, infrastructure and mining industries.
He commended South Korean investments as an exemplary model for investments in Egypt.
In the meantime, the government of South Korea is in consultation with the Egyptian government to launch Korea-Egypt Economic Partnership Agreement in a bid to upgrade bilateral economic cooperation.
Despite Covid-19 and worsening global economic environment, trade between the two countries rose 35 per cent in 2022 to $3.15 billion.
Exports to South Korea reached an all-time high of $1.69 billion — an increase of 61 per cent, earning a record $220 million surplus for Egypt last year, the embassy said.
For his part, the South Korean ambassador said the Egyptian government is proceeding ahead will development efforts, with a view to carrying out all national ventures, despite the negative impact of the coronavirus and the Russian-Ukrainian crisis, thus encouraging South Korean investors to expand investments in Egypt.
He said his country is looking forward to beefing up co-operation with the Egyptian side on all levels.
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