S.Korean Embassy in Egypt organizes Forum to support Korean companies in Egypt

CAIRO- 13 June 2022: “The best way to stimulate Korean investments in Egypt is to showcase the success stories of Korean companies and ease their difficulties,” said Ambassador of South Korea to Egypt Hong Jin-wook in a meeting titled “Forum on Egyptian Government’s Business Policies for Korean Companies operating in Egypt,” which was held on June 12, 2022.

The meeting was attended by Mohamed Maait, Egypt’s Minister of Finance; Ahmed Kouchouk, Vice Finance Minister for Fiscal Policies; Ehab Abou Aish, Vice Finance Minister for Public Treasury; Mona Nasser, Assistant Finance Minister; El-Shahat Ghaturi, Head of the Customs Authority; and Reda Abdel Kader, Head of Tax Authority.

The meeting aims to introduce the Egyptian government’s economic reform and its policies to attract foreign investment, and to discuss support for Korean Companies in Egypt. It was attended by the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Cooperation Agency (KOICA), and the Korean Companies operating in Egypt with the participation of representatives from the Ministry of Finance, Tax Authority, and Customs Authority.

Ambassador Hong thanked the Egyptian government’s efforts to support and ease difficulties facing Korean companies. His Excellency added that the best way to stimulate Korean investments in Egypt is to showcase the success stories of Korean companies currently operating in Egypt, and to continue the Egyptian government’s active support to companies to stabilize their business and operation in Egypt. The Korean Ambassador said that today’s meeting, following last year’s meeting, is a significant gathering that brings together all the key players who lead the bilateral economic cooperation between the two countries, including the Korean companies, the Egyptian Ministry of Finance, the Tax and Customs authorities, and the Embassy of the Republic of Korea, offering an exceptional opportunity to discuss plans for promoting the bilateral ties. Ambassador Hong expressed his hopes for this meeting to be held on a regular basis to maintain the momentum.

On his part, H.E. Minister Maait thanked Ambassador Hong Jin-wook for hosting this meeting, and stressed that today’s meeting would be a very fruitful opportunity for helping Korean companies’ smooth operation in Egypt and boosting bilateral economic ties. His Excellency stressed his keenness to support Korean companies and solve the problems they face, and added that the Egyptian government’s eyes attracting more Korean investments to Egypt, which would contribute to Egyptian economy with more job creation and increase the export volume. He added that the Egyptian side will continue to communicate closely with the Embassy and the Korean companies, and offer all the support needed to help the Korean companies operating in Egypt.

Following the welcoming remarks by Ambassador Hong and Minister Maait, the Finance Ministry presented the Egyptian government’s economic reform and its policies to attract foreign investment. The Korean companies have exchanged their concerns regarding the Egyptian government’s business policies, requesting the Egyptian government’s support to avoid any disruption to their business activities. For their part, the Egyptian Finance Ministry has addressed the concerns of Korean companies and provided detailed explanations to their inquiries, stressing continued cooperation for the smooth operation of Korean companies in the future.

A press release from the South Korean Embassy