Keen support for South Korean firms operating here

Representatives of government ministries recently discussed eliminating obstacles to South Korean companies operating in Egypt.
Minister of Finance Mohamed Maeet met with South Korean Ambassador in Cairo Hong Jin-wook and representatives of the South Korean Businessmen’s Association in Egypt, the Korea Trade and Investment Promotion Agency (KOTRA) in Cairo, the South Korean community and the sub-council of the Overseas Korean Traders Association in Cairo attended the meeting to tell of their experiences and the obstacles they have faced while doing business in Egypt.
The two sides exchanged views on ways to overcome the obstacles facing South Korean companies here and ways to support them.
Hong voiced his appreciation for efforts by the Ministry of Finance, the Customs Authority and the Tax Authority to resolve difficulties encountered by South Korean firms working here.
The South Korean ambassador said despite the negative impacts of the coronavirus and the war in Ukraine, the Egyptian government is proceeding with development, which attracts South Korean investment in Egypt.
Several South Korean companies are participating in several development projects. Hyundai Rotem won the tender to subway subway rolling stock for the second and third lines of the Cairo Metro. The Korean Hydro and Nuclear Power Company has won the tender for the Dabaa nuclear power plant.
Maeet said the meeting was an invaluable opportunity to learn more about the activities of Korean companies in Egypt.
The minister said he would do his best to support their activities and that he expected South Korean companies to invest more in Egypt.
While pressing ahead with promoting private sector participation in development with a view to job creation and improvement of living standards, the government is keen to providing an encouraging environment for local and foreign investments in various sectors, the minister said.
The minister affirmed the commitment to boost co-operation with South Korea in investment and trade, as well as localising electronic cars, information technology and communications, renewable energy, tourism, infrastructure and mining.
More than 170 South Korean companies are operating here with investments worth $800 million.