Ashraf AboArafe
* The Korean Embassy held the Korea Business Support Council Seminar with major Korean companies and Officials from the SCZone, IDA, IMC attending
* key Figures from major Egyptian government agencies explained the investment incentives and support policies for Korean companies
The Korean Embassy in Egypt held a Korean Business Support Council seminar at the Nile Ritz-Carlton Hotel on October 12, to support Korean companies operating in Egypt and discuss expanding economic cooperation between Korea and Egypt. At this seminar, key figures from the Egyptian government and Ministry of Finance officials, including the Korean Ambassador in Cairo Kim Yonghyon, Suez Canal Special Economic Zone CEO Mr. Ahmed Saad, the Director of the Industrial Modernization Center Dr. Doaa Selima and the Advisor to the Head of the Industrial Development Authority Eng. Alaa Salah. As well as more than 20 Korean companies in various fields such as electronics, automobile parts, and petrochemicals, KOTRA, and KOICA.
SCzone, IDA, and IMC, who attended the seminar, each made presentations on the Egyptian government’s investment attraction policies and Korean company support policies and had a Q&A session with Korean companies. The participating companies expressed active interest in the Egyptian government’s business support and investment policies, and requested active cooperation and support from the Egyptian authorities to help Korean companies expand their business activities and investments in Egypt.
The Embassy listened to a presentation by the Egyptian economic expert Dr. Dalia Abdallah on Egypt’s business prospects, and KOTRA presented business cooperation plans between Korea and Egypt. In addition, KT-net (Korea Trade Network) introduced the Egyptian e-procurement system, which is being implemented as an ODA project by KOICA.
Ambassador Kim emphasized that Egypt is Korea’s important economic cooperation partner in the Middle East and Africa, with Korea’s investment in Egypt exceeding $800 million and trade between the two countries reaching $3.2 billion last year. He expressed his gratitude for the Egyptian government’s active support for Korean companies and policy efforts to improve the investment environment adding that he is confident that economic cooperation between the two countries will accelerate quantitatively and qualitatively, considering the potential for cooperation in various fields such as high-tech industry, green industries, energy, and infrastructure. Ambassador Kim announced that he will continue to pursue the expansion of investment and business cooperation.
