Egyptian President Abdel Fattah el-Sisi participated in a roundtable meeting with top Korean companies and business leaders in Seoul, South Korea, as part of his state visit. The meeting was attended by 23 major Korean companies. During his speech, President Sisi praised the strong economic and investment partnership between Egypt and Korea, expressing his desire to elevate their cooperation to more ambitious levels.
President Sisi highlighted Egypt's efforts to reform its economy, improve the investment climate, and develop a business-friendly environment. These efforts include a comprehensive program of structural and economic reforms, such as floating the exchange rate, updating legislative and regulatory frameworks for investment, and expanding the role of the private sector. He noted that these efforts have positively impacted Egypt's economic indicators and international ratings.
The President emphasized the importance of Korea's role as a reliable partner in Egypt's development process. He acknowledged the significant contributions of Korean companies to Egypt's economy and expressed his appreciation for their participation. President Sisi also highlighted the incentives and facilitations offered by Egypt to investors, including a one-stop shop for procedures, competitive land prices, and modern infrastructure.
President Sisi extended an invitation to Korean companies to establish an integrated industrial zone within the Suez Canal Economic Zone. He envisioned this zone as a regional hub for production and export, not only for the Egyptian market but also for accessing regional and global markets. Egypt's strategic location and network of free trade agreements with African, European, and Arab countries make it an attractive destination for Korean investors.
The President discussed potential areas of cooperation, including shipbuilding, automotive manufacturing, electronics, petrochemicals, and pharmaceuticals. He also highlighted opportunities in advanced technology, digital transformation, artificial intelligence, and data centers. Additionally, President Sisi encouraged Korean companies to explore investment opportunities in Egypt's oil and gas, mining, and renewable energy sectors.
The meeting concluded with an interactive discussion between President Sisi and Korean business leaders. They expressed their appreciation for Egypt's efforts to improve its business environment and investment climate. Korean companies showed interest in expanding their investments in Egypt, citing its strategic location, stable economy, and attractive investment opportunities.
President Sisi reiterated Egypt's commitment to providing all necessary facilities for investors, particularly Korean companies. He invited them to visit Egypt to explore investment opportunities and determine potential partnerships. The President emphasized that investing in Egypt presents a significant opportunity, given the country's stability and growth prospects.
Key points
- President Sisi invites Korean companies to establish an integrated industrial zone in the Suez Canal Economic Zone.
- Egypt and Korea discuss potential partnerships in various sectors, including industry, technology, and renewable energy.
- President Sisi emphasizes Egypt's commitment to improving its business environment and investment climate.
