Egypt aims to attract more Korean investments, enhance public procurement system

CAIRO -  24 November 2024: Egypt’s Minister of Finance, Ahmed Kouchouk, highlighted the country’s ongoing efforts to improve the efficiency of its public procurement system with the support of Korean expertise. Speaking at a high-level seminar in collaboration with the Korea International Cooperation Agency (KOICA), Kouchouk emphasized that the initiative is designed to boost competition, generate financial savings, and expand the private sector’s involvement in Egypt’s economic activities. 

 

As part of Egypt’s broader economic reforms, the development and digitization of the public procurement system aim to deliver better and faster services while reducing costs. Kouchouk reaffirmed the government’s commitment to improving governance, transparency, and competitiveness in procurement processes, aligning with the Ministry of Finance’s efforts to build trust and foster partnerships with the business community.

 

By increasing participation and competition among investors in public procurement contracts, Egypt aims to deliver higher-quality services to both citizens and investors. The Minister also expressed Egypt’s desire to attract more Korean investments and development projects, highlighting the strong and growing bilateral relations between the two countries across multiple sectors.

 

During the seminar, KOICA President Chang Won Sam praised Egypt’s commitment to enhancing the transparency and efficiency of its procurement system. He noted that KOICA’s goal is to empower all stakeholders to engage confidently and transparently in procurement processes. Chang emphasized Egypt’s key role as a development partner for South Korea in the Middle East and North Africa, and the importance of their partnership in advancing regional sustainable development goals.

 

South Korea’s Ambassador to Cairo, Kim Yong Hyun, reiterated his country’s commitment to strengthening development cooperation with Egypt. He highlighted the significance of digital solutions in promoting private sector participation and stimulating economic growth, and emphasized the potential for further collaboration between the two nations.

 

Mohamed Adel, Chairperson of the General Authority for Government Services, provided an update on the two-year collaboration with South Korea. He outlined the progress in developing, streamlining, and digitizing Egypt’s public procurement processes into a unified system.

 

Adel announced that the electronic infrastructure for the new system has been successfully established, marking a significant step toward creating a more efficient and transparent procurement process. This initiative underscores Egypt’s commitment to modernizing its public procurement framework as part of its ongoing reform efforts.