Egyptian President Abdel Fattah el-Sisi participated in a roundtable meeting with leaders of major Korean companies and business representatives 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 Sisi highlighted the strong economic and investment partnership between Egypt and Korea, expressing his desire to elevate their cooperation to more ambitious levels.
President Sisi acknowledged the significant role Korean companies play in supporting Egypt's comprehensive development efforts, citing the strong political will to enhance cooperation between the two nations, particularly in areas such as economy, investment, manufacturing, and technology. He also mentioned the steps taken by the Egyptian government to reform the economy, improve the investment climate, and develop the business environment.
The Egyptian President discussed the wide range of incentives and investment facilitation measures provided by his government, including a one-stop shop for investment procedures, competitively priced industrial land with modern infrastructure, and full guarantees for investment protection and profit repatriation. He also emphasized the importance of cooperation in priority areas, such as shipbuilding, automotive manufacturing, electronics, petrochemicals, and pharmaceuticals.
President Sisi invited Korean companies to establish a comprehensive industrial zone within the Suez Canal Economic Zone, which could serve as a regional production and export hub for Korean companies. He noted that this zone could provide access not only to the large Egyptian market but also to regional and global markets, leveraging Egypt's network of free trade agreements with African countries, the European Union, and Arab states.
The President emphasized that Egypt's vision for partnership with Korea goes beyond traditional trade, focusing on industrial localization, technology transfer, capacity building, and innovation. He encouraged Korean companies to expand their investments in areas such as oil and gas exploration, mining, and new and renewable energy projects, including solar, wind, and green hydrogen.
The meeting concluded with an interactive discussion between President Sisi and the Korean business community, during which participants expressed their appreciation for the President's intervention and their interest in pursuing strategic and sustainable partnerships with Egypt. President Sisi reiterated his commitment to providing all necessary facilities for investors, particularly Korean investors, and invited them to visit Egypt to explore investment opportunities.
Key points from the meeting include President Sisi's invitation to Korean companies to invest in Egypt, his emphasis on the country's favorable business environment, and the potential for cooperation in areas such as industry, technology, and renewable energy.
Key points
- President Sisi invites Korean companies to establish a comprehensive industrial zone in Egypt.
- Egypt offers a range of incentives and investment facilitation measures to attract Korean investors.
- President Sisi emphasizes the potential for cooperation in areas such as industry, technology, and renewable energy.
