Egyptian President Abdel Fattah El-Sisi recently participated in a roundtable discussion with leaders of 23 major Korean companies in Seoul, South Korea. The meeting was part of his state visit to the country, aimed at strengthening economic ties and exploring new investment opportunities. During the meeting, El-Sisi highlighted the strong economic and investment partnership between Egypt and South Korea, expressing his desire to take their cooperation to a more ambitious and broader level.
El-Sisi praised the significant role played by Korean companies as reliable partners in supporting Egypt's comprehensive development efforts. He emphasized the existence of a strong Egyptian will to enhance cooperation with South Korea, particularly in areas such as economy, investment, manufacturing, and technology. The President also discussed the steps taken by the Egyptian government in recent years to reform the economy, improve the investment climate, and develop the business environment.
These steps include implementing a wide-ranging program of structural and economic reforms, liberalizing the exchange rate, updating legislative and regulatory frameworks for investment, and expanding the role of the private sector as a key partner in the development process. El-Sisi noted that these efforts have positively impacted Egypt's economic indicators and evaluations from international institutions, enhancing confidence in the Egyptian economy and its ability to attract more investments.
The President also highlighted the comprehensive package of investment incentives and facilitations offered by Egypt, including simplifying procedures through a one-stop shop, providing competitive land prices, and advanced infrastructure. He emphasized Egypt's commitment to providing full guarantees for protecting investments and the freedom to transfer profits, as well as implementing specialized programs to train and qualify Egyptian workers to meet the needs of modern projects.
El-Sisi expressed Egypt's desire to enhance cooperation with South Korea in several strategic priority projects, including the establishment of an integrated Korean industrial zone within the Suez Canal Economic Zone. He invited Korean companies to consider expanding their investments in Egypt, particularly in areas such as petroleum, gas, mining, and new and renewable energy projects, including solar energy, wind power, green hydrogen, and smart grids.
The roundtable discussion also touched on the potential for cooperation in areas such as agriculture, food processing, aquaculture, textiles, and tourism, especially in new development projects along the Red Sea and Mediterranean coasts. El-Sisi emphasized the importance of activating the Egyptian-Korean Business Council and holding a joint economic forum on a regular basis to ensure that available opportunities are translated into concrete projects on the ground.
The meeting concluded with a call for Korean companies to take advantage of the facilitations offered by Egypt and to consider investing in the country, given its stability and strategic location as a gateway to Africa and the rest of the region. El-Sisi described investment in Egypt as a great opportunity, inviting Korean companies to visit Egypt to explore investment opportunities and determine possible partnerships.
Key points
- El-Sisi invites Korean companies to establish an integrated industrial zone in the Suez Canal Economic Zone.
- Egypt and South Korea discuss cooperation in areas such as economy, investment, manufacturing, and technology.
- El-Sisi emphasizes Egypt's commitment to providing incentives and facilitations for Korean investors.
