New South Korean businesses expected in Egypt: EKBC’s Head

CAIRO – 5 December 2017: South Korean investors will open new businesses in Egypt during the upcoming period, announced the Egyptian-South Korean Business Council’s (EKBC) Head Raouf Ghabbour in a statement by the Egyptian Businessmen Association (EBA).

EBA announced on Monday the visit of a South Korean business delegation attending a business forum in Egypt.

The event included two sessions. The first discussed the investment climate in Egypt and South Korea, as well as the role of the banking sector in providing funds. The second session discussed investments in infrastructure and logistics.

Ghabbour pointed out that the implementation of major projects in Egypt has attracted investor attention. He added that the new Banque Misr branch enhances capital flows, trade and investments between Egypt and South Korea.

“Bilateral trade between Egypt and South Korea amounted to $916 million during first eight months of 2017,” announced the Central Agency for Public Mobilization and Statistics (CAPMAS). South Korean investments in Egypt added up to $400 million in 2016.

Meanwhile, the annual rate for aggregate trade between the two countries reached almost $2.3 billion in 2016, the South Korean embassy to Egypt said in late May.