Egypt, South Korea discuss ways to increase investments in Egyptian bonds

CAIRO – 27 June 2021: Egypt and South Korea are keen to develop relations in all fields, in light of the growing volume of Korean investments in the country, according to Minister of Finance Mohamed Maait.

Maait stressed during his meeting with the South Korean ambassador in Cairo, Hong Jin-wook that this prompts the government to overcome all obstacles and solve any problems that Korean companies operating in Egypt may face in the tax and customs fields, in a way that stimulates foreign investments and achieves the stability of these companies in their activities and business.

The minister added, in a statement issued Sunday, that they discussed the amendments related to the double taxation agreement concluded between the two countries to reduce evasion and double taxation to stimulate the investment climate.

They also discussed ways to increase the volume of Korean investments in Egyptian bonds in order to diversify financing tools in line with the debt management strategy, reducing the cost of financing the budget deficit and financing the development plan.

The minister indicated that the coming period will witness more meetings and discussions to discuss financial developments at the global level, benefit from the experiences of the two countries' financial policies and exchange experiences in various fields.

The South Korean ambassador in Cairo praised the positive developments in various aspects of life in Egypt, and the leap in performance that the Egyptian economy is achieving according to the testimony of international institutions, expressing his country's aspiration to enhance ways of economic cooperation with Egypt and increase the volume of Korean investments in it in light of the economic growth and the huge developmental movement it is witnessing

He pointed out that a Korean company established a factory in Egypt that would produce the "tablet" locally and export it to many countries of the world, in addition to the interest of many Korean companies to pump their investments in Egypt in various fields, most notably clean energy and sea water desalination.

The minister affirmed that the government will continue to implement structural reforms as an extension of the economic reform program, which the state has successfully implemented over the past years, in a way that contributes to improving the business climate and attracting more investors, in light of the promising investment opportunities the state is witnessing in various development sectors, and in implementation of the leadership’s directives The policy aims to enhance the participation of the private sector in the comprehensive and sustainable development process, as it is the locomotive of economic growth, in order to ensure the maximization of productive capacities, the creation of more new job opportunities for young people, and the improvement of the standard of living of citizens and the quality of services provided to them.