Egyptian President Abdel Fattah El-Sisi participated in a roundtable discussion with top executives and business leaders from 23 prominent Korean companies in Seoul. The meeting was part of his state visit to South Korea. The Presidential spokesperson stated that El-Sisi praised the strong economic and investment partnership between Egypt and South Korea, expressing his desire to elevate their cooperation to more ambitious levels.
During his address, President El-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 private sector's role. He noted that these measures have positively impacted Egypt's economic indicators and international ratings.
The President emphasized the importance of the Korean companies' role as reliable partners in Egypt's development process. He acknowledged their significant contributions and expressed his appreciation for their involvement. El-Sisi also showcased the comprehensive package of investment incentives and facilities offered by Egypt, including streamlined procedures through a one-stop shop, competitive land prices, and modern infrastructure.
President El-Sisi invited Korean companies to consider investing in priority sectors, such as petrochemicals, pharmaceuticals, and renewable energy. He also reiterated his invitation to establish a Korean industrial zone within the Suez Canal Economic Zone, which could serve as a regional production and export hub for Korean companies. This zone would provide access to the large Egyptian market and regional and global markets.
The President highlighted the potential for cooperation in various fields, including shipbuilding, automotive manufacturing, electronics, and information technology. He also emphasized the importance of technology transfer, capacity building, and innovation in strengthening Egypt-Korea relations. El-Sisi encouraged Korean companies to explore opportunities in Egypt's growing sectors, such as agriculture, food processing, and tourism.
The meeting included an interactive discussion with Korean business leaders, who expressed their appreciation for Egypt's efforts to improve the business environment and facilitate partnerships. They acknowledged the country's strategic location and potential as an investment hub. President El-Sisi reiterated Egypt's commitment to providing all necessary facilities for investors, particularly Korean investors, and invited them to visit Egypt to explore opportunities.
The discussions focused on fostering strategic and sustainable partnerships between Egypt and South Korea. Both sides recognized the vast potential for cooperation and agreed to work together to convert opportunities into tangible projects. The Korean companies' representatives expressed their interest in expanding their investments in Egypt, citing the country's stability and attractive investment climate.
Key points
- President El-Sisi invites Korean companies to invest in Egypt's priority sectors, including renewable energy and petrochemicals.
- Egypt and South Korea discuss potential partnerships in shipbuilding, automotive manufacturing, and electronics.
- President El-Sisi emphasizes Egypt's commitment to providing facilities for Korean investors and invites them to visit Egypt.
