Egyptian President Abdel Fattah El-Sisi participated in a roundtable meeting with leaders of major Korean companies and representatives of the Korean business community in Seoul. The meeting was part of his state visit to the Republic of Korea. According to the Presidential Spokesperson, 23 major Korean companies attended the meeting. The President highlighted the strong economic and investment partnership between Egypt and Korea, expressing his desire to elevate their cooperation to more ambitious levels.
During his address, President El-Sisi acknowledged the significant role Korean companies play in supporting Egypt's comprehensive development efforts. He emphasized the existence of strong political will in Egypt to enhance cooperation with Korea, particularly in areas such as economy, investment, industry, and technology. The President also mentioned the steps taken by the Egyptian government to reform the economy, improve the investment environment, and develop the business climate.
The President discussed the wide-ranging program of structural and economic reforms implemented by Egypt, including the liberalization of the exchange rate, updates to legislative and regulatory frameworks for investment, and the expansion of the private sector's role. He noted that these efforts have positively impacted Egypt's economic indicators and international evaluations, enhancing confidence in the Egyptian economy and its ability to attract more investments.
President El-Sisi also highlighted the comprehensive package of investment incentives and facilitations offered by Egypt, including streamlined procedures through a one-stop shop, competitively priced industrial land with advanced infrastructure, and full guarantees for investment protection and profit repatriation. Additionally, he mentioned Egypt's programs for training and qualifying Egyptian workers to meet the needs of modern projects.
The President expressed Egypt's interest in establishing a comprehensive Korean industrial zone within the Suez Canal Economic Zone, which could serve as a regional production and export hub for Korean companies. He invited Korean companies to consider establishing partnerships in priority sectors, such as shipbuilding, automotive manufacturing, electronics, petrochemicals, and pharmaceuticals, as well as advanced technology and digital transformation.
President El-Sisi emphasized the importance of Korean companies exploring investment opportunities in Egypt's petroleum, gas, and mining sectors, as well as new and renewable energy projects, including solar energy, wind power, green hydrogen, and smart grids. He also suggested that Egyptian and Korean companies could collaborate on joint infrastructure and construction projects in Arab and African countries.
The meeting concluded with an interactive discussion between the President and the Korean business community, during which participants expressed their appreciation for Egypt's efforts to improve the business climate and facilitate partnerships. They also emphasized the need to continue working on initiatives that achieve mutual benefits and capitalize on the promising opportunities for cooperation between Egypt and Korea.
Key points
- President El-Sisi invites Korean investors to visit Egypt to explore opportunities and promises facilitation and cooperation in industry and technology.
- Egypt aims to establish a comprehensive Korean industrial zone within the Suez Canal Economic Zone.
- President El-Sisi encourages Korean companies to invest in Egypt's petroleum, gas, and mining sectors, as well as new and renewable energy projects.
