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, 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 further enhance cooperation.
President Sisi emphasized his appreciation for the significant role Korean companies play in supporting Egypt's comprehensive development efforts, citing the strong political will to strengthen ties between the two nations, particularly in the fields of economy, investment, manufacturing, and technology. The President also mentioned the steps taken by Egypt to reform its economy, improve the investment climate, and develop the business environment.
These steps include a wide-ranging program of structural and economic reforms, such as floating the exchange rate, updating legislative and regulatory frameworks for investment, and expanding the role of the private sector. President Sisi noted that these efforts have positively impacted Egypt's economic indicators and international ratings, enhancing confidence in the Egyptian economy and its ability to attract more investment.
The President highlighted the comprehensive package of investment incentives and facilities offered by Egypt, including streamlined procedures through a one-stop shop, competitively priced industrial land with modern infrastructure, and full guarantees for investment protection and profit repatriation. He also mentioned programs for training and qualifying Egyptian workers to meet the needs of modern projects.
President Sisi expressed Egypt's desire to enhance cooperation with Korea in several priority projects and reiterated his invitation for Korean companies to establish an integrated industrial zone within the Suez Canal Economic Zone. This zone could serve as a regional production and export hub for Korean companies, enabling access to the large Egyptian market and regional and global markets.
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 welcomed partnerships in vital sectors such as shipbuilding, automotive, electronics, petrochemicals, and pharmaceuticals, as well as advanced technology, digital transformation, artificial intelligence, and data centers.
The meeting concluded with an interactive discussion with the Korean business community, where participants explored opportunities for strategic and sustainable partnerships between Egypt and Korea. The attendees praised Egypt's efforts to improve the business climate and expressed their desire to continue working together to develop joint initiatives that benefit both sides.
Key points
- President Sisi invites Korean companies to invest in Egypt's industrial and economic sectors.
- Egypt and Korea discuss potential partnerships in fields such as technology, manufacturing, and infrastructure.
- President Sisi emphasizes Egypt's commitment to providing incentives and facilities for investors.
