South Korea’s Ambassador in Egypt Hong Jin-wook has stressed the enormous potential available for the Korean business community in Egypt. Hong said that Egypt is his country’s major investment destination in Africa.
The ambassador made the remark to a webinar on opportunities for doing business in Egypt, organised by the Korean Chamber of Commerce and Industry (KCCI) and the Egyptian Businessmen Association (EBA).
He pointed to several major Korean companies operating successfully in Egypt, and exporting to a third country, in a win-win bilateral co-operation.
More than 40 Korean companies working in various sectors attended the webinar, along with representatives from Egypt’s Industrial Development Authority and the General Authority for Investment and Free Zones (GAFI).
There is more to do for boosting Korea-Egypt economic ties, the envoy said, pointing to the ongoing discussions to localise the railway industry in Egypt through collaboration between Hyundai Rotem Company and the National Egyptian Railway Industries Company (NERIC).
He also referred to ongoing discussions with the Egyptian government to initiate a feasibility study on an economic partnership agreement between the two countries.
Hong pointed to the Korean government’s decision to designate Egypt as a core priority country for Official Development Assistance (ODA) over the period 2021-2025.
For his part, KCCI Vice Chairman, Taehee Woo, said that the chamber is working to push forward bilateral ties and maintain the momentum of the bilateral co-operation.
He stressed the favourable business environment and the bold economic reforms Egypt has achieved.
Addresing the awareness webinar, Chairman of the Korea-Egypt Business Council, Joo Si-Bo, stressed the need to remove trade barriers and unnecessary regulations that hinder the international co-operation.
