President Abdel Fattah Al-Sissi took part in a round table in Seoul today, bringing together leaders of major companies and representatives of the business community of the Republic of Korea, on the sidelines of his State visit to the Republic of Korea.
The official spokesman for the Presidency of the Republic said that 23 of the largest Korean companies had participated in the meeting, adding that President Al-Sissi had delivered a speech in which he welcomed the strong economic and investment partnership between the Arab Republic of Egypt and the Republic of Korea, stressing that Egypt hoped for continued joint action with the Korean side to bring this partnership to more ambitious and broader levels.
The official spokesman said that SE Mr. President expressed his appreciation for the important role played by Korean companies as a reliable partner in supporting global development efforts in Egypt, stressing the existence of strong Egyptian political will to strengthen cooperation with the Republic of Korea and to open it up to wider perspectives, including in the areas of economy, investment, industry and technology.
The official spokesman said that the President had referred to the measures taken by the Egyptian State in recent years to reform the economy, improve the investment environment and develop the business climate, including through the implementation of a comprehensive programme of structural and economic reforms including the liberalization of the exchange rate, the modernization of the legislative and regulatory frameworks governing investment and the broadening of the role of the private sector as a major partner in the development process, stressing that the results of these efforts are reflected in the economic indicators and assessments published by international institutions, thereby strengthening confidence in the Egyptian economy and its ability to attract more investment.
President Al-Sissi also outlined the integrated set of incentives and investment facilities made available by the Egyptian State, including the simplification of procedures through the Single Window system, the provision of competitively priced industrial land with developed infrastructure that meets the highest standards, and the Egyptian State’s commitment to provide all the guarantees necessary for investment protection and the free transferability of profits. He also highlighted the implementation of specialized training and qualification programmes for Egyptian labour, in line with the needs of modern projects, as well as Egypt’s commitment to ensuring competitive financing in order to support partnerships and overcome obstacles that could arise for investors, particularly with regard to the possibility of bringing in experts and technical labour needed to implement projects in Egypt.
The official spokesman said that the President had reaffirmed Egypt ‘ s ambition to strengthen its cooperation with the Republic of Korea in a number of projects of strategic priority importance. President Al-Sissi also renewed his invitation to establish an integrated Korean industrial zone within the perimeter of the General Authority of the Suez Canal Economic Zone, stressing that the area could become a regional production and export centre for Korean companies, not only to meet the needs of the vast Egyptian market, but also to access regional and global markets, building on the network of free trade agreements linking Egypt to African countries, the European Union and Arab countries.
The official spokesman also said that President Al-Sissi stressed that Egypt’s vision of its partnership with the Republic of Korea goes beyond the traditional concept of trade to include the location of industry, technology transfer, capacity-building and the promotion of innovation. SE stated that Egypt welcomes the establishment of industrial and investment partnerships based on joint production in vital sectors, including shipbuilding, the automotive industry, electronics, petrochemicals and pharmaceuticals, as well as in advanced technology, digital transformation, artificial intelligence and data centres. The President also stressed the existence of promising opportunities for cooperation in the fields of agriculture, agri-food industry, aquaculture, textiles and tourism, particularly in the new development projects extending along the Red Sea and Mediterranean coasts. Mr. President also stressed the importance for Korean companies to consider expanding their investments in the oil, gas and mining sectors, as well as taking advantage of opportunities in new, renewable and clean energy projects, including solar, wind, green hydrogen, smart grids and energy storage technologies.
The official spokesman added that the President also stressed the existence of significant opportunities to establish partnerships between Egyptian and Korean companies for joint construction, building and infrastructure projects in Arab and African countries. While emphasizing the importance of activating the role of the Egyptian-Korean Business Council, working on the regular organisation of a joint economic forum and developing specific action plans to transform the available opportunities into concrete projects on the ground.
The session was also marked by an interactive exchange with the Korean business community. During the session, participants discussed the possibilities of implementing strategic and sustainable partnerships between Egypt and Korea. While expressing appreciation for President Al-Sissi’s intervention, they also welcomed the measures taken by the Egyptian State in recent years to facilitate the implementation of trade and investment partnerships and to improve the business climate. They also stressed the need to continue efforts to develop joint initiatives serving the common interests of both sides, building on promising opportunities for cooperation between Egypt and the Republic of Korea in various areas. They indicated that Korean companies are willing to operate in Egypt, particularly because of its strategic geographical location, favourable investment environment and its role as a gateway to Africa and other countries in the region.
For his part, President Al-Sissi reaffirmed the State’s commitment to provide all facilities to investors, particularly Koreans. He invited them to take advantage of these benefits, calling investment in Egypt a real opportunity given the stability enjoyed by the country. Finally, SE called on Korean companies to visit Egypt to find out about investment opportunities, incentives offered by the state, and possible partnerships.