Egypt seeks to increase Korean investments in state: Gov't

CAIRO – 1 September 2020: The government is keen to increase foreign investments in Egypt, especially the Korean one, by seeking to attract investors, and overcoming any obstacles confront them, in a way that motivates them to expand their production activities, in a manner that is consistent with the state's efforts to localize global expertise, Minister of Finance Mohamed Ma’it said.

Ma’it added in a statement, Tuesday, that overcoming obstacles contributes to the advancement of the national industry in various sectors, as it is the main locomotive for economic growth and job creation, and a positive contribution to improving the quality of life of Egyptians, and improving their standard of living and the services provided to them.

This came during Ma’it’s meeting with Hong Jin-wook, the new ambassador of South Korea in Cairo.

The minister said that we seek to open new horizons for investment between the two countries, with a focus on the development and technological sectors, to ensure optimal employment of the digital revolution in a way that contributes to the gradual transformation of the digital economy in line with global changes.

 He noted that the state pays great attention to developing the education and health systems; as the main pillar for building the Egyptian citizen.

Maait pointed out that the economic reform program adopted by the political leadership and supported by the Egyptian people contributed to strengthening the structure of the Egyptian economy.

He pointed out that despite the repercussions of the coronavirus crisis, Egypt is the only country in the Middle East and North Africa that has retained its credit rating and stable outlook with the testimony of all credit rating institutions (Standard & Poor's, Moody's, and Fitch), and there are international institutions expecting the growth of the Egyptian economy to jump to 6.5 percent during the current fiscal year.

For his part, South Korean Ambassador Hong Jin Wook expressed his country's aspiration to enhance cooperation with the Egyptian government in various fields, especially the economic aspect, appreciating the country's efforts to overcome customs and tax obstacles facing Korean investors in Egypt.

He praised the performance of the Egyptian economy and its resilience in the face of the coronavirus crisis, at a time when the performance of many world economies declined, explaining that his country is ready to provide the necessary technical expertise to expand the scope of e-commerce in Egypt.