Egyptian President Abdel Fattah El-Sisi participated in a roundtable meeting with heads of major Korean companies and representatives of the Korean business community on Wednesday in Seoul, as part of his state visit to the Republic of Korea. The meeting was attended by 23 of Korea's largest companies. President El-Sisi highlighted the strong economic and investment partnership between Egypt and Korea, expressing his desire to elevate their cooperation to more ambitious and broader levels.
President El-Sisi acknowledged the significant role Korean companies play in supporting Egypt's comprehensive development efforts, citing the strong political will in Egypt to enhance cooperation with Korea, particularly in the fields of economy, investment, manufacturing, and technology. He also touched on the steps taken by Egypt in recent years to reform its economy, improve the investment climate, and develop the business environment.
The Egyptian President outlined the comprehensive package of investment incentives and facilitations offered by Egypt, including streamlined procedures through a one-stop shop, competitive land prices, and modern infrastructure. He emphasized Egypt's commitment to providing full guarantees for investment protection and freedom to transfer profits. Additionally, President El-Sisi highlighted Egypt's programs for training and qualifying Egyptian workers to meet the needs of modern projects.
President El-Sisi reiterated Egypt's desire to enhance cooperation with Korea in several priority projects, reaffirming his call for the establishment of a Korean industrial zone within the Suez Canal Economic Zone. He envisioned the zone as a regional production and export hub for Korean companies, not only to meet the needs of the large Egyptian market but also to access regional and global markets.
The President's vision for partnership with Korea extends beyond traditional trade to include industrial localization, technology transfer, capacity building, and innovation. He welcomed the establishment of industrial and investment partnerships in vital sectors such as shipbuilding, automotive, electronics, petrochemicals, and pharmaceuticals. President El-Sisi also emphasized the importance of Korean companies considering expanding their investments in Egypt's oil, gas, and mining sectors.
The meeting witnessed an interactive discussion with the Korean business community, during which participants explored opportunities for strategic and sustainable partnerships between Egypt and Korea. They praised the measures taken by Egypt to facilitate the implementation of business and investment partnerships and improve the business climate. The Korean side expressed its aspiration to work in Egypt, citing its strategic location and attractive investment environment.
President El-Sisi assured that Egypt is committed to providing all necessary facilities for investors, particularly Korean investors, inviting them to take advantage of the incentives offered by Egypt. He described investment in Egypt as a promising opportunity due to the country's stability and encouraged Korean companies to visit Egypt to explore investment opportunities and determine possible partnerships.
Key points
- Egyptian President Abdel Fattah El-Sisi has called for the establishment of a Korean industrial zone in the Suez Canal Economic Zone to enhance economic cooperation with Korea.
