Egypt, S. Korea Discuss Ways of Enhancing Joint Economic Ties

On Thursday, the Ambassador of the Republic of Korea, Hong Jin-Wook, met the Egyptian Minister of Finance, Dr. Mohamed Maait, in the Ministry of Finance. During their meeting, they discussed the bilateral Economic ties between the two countries.

Ambassador Hong praised that, in spite of the present difficult global situation due to COVID-19 and the Russian-Ukrainian war, the Egyptian government is smoothly implementing its major national projects that aim to improve the quality of life of the Egyptian people, and continues to actively improve the investment environment for foreign companies while promoting macro-economic stabilization.

Furthermore, Ambassador Hong reiterated that during the historic first visit of a Korean President to Egypt in 16 years since 2006, both President Moon Jae-in and President Abdelfattah El Sisi agreed last January, to expand the scope of cooperation into the future-oriented cooperation areas including ICT, renewable energy, and electrical vehicles, going beyond the traditional trade and investment-centered cooperation. Ambassador Hong expressed his wishes for both countries to faithfully implement the follow-up measures on the outcomes of the Presidential visit, and to maintain close cooperation with one another.

Ambassador Hong has also expressed his sincere gratitude for the Ministry of Finance’s continuous efforts in supporting Korean companies operating in Egypt and taking the proper measures in improving the investment environment for Korean investors. Ambassador Hong stressed that many Korean companies operating in Egypt are actively considering expansion in their investments in Egypt, which is only possible due to the Egyptian government’s continuous support to the operating Korean companies in Egypt, which serves to spread the success stories of the Egyptian investment climate further. In this regard, Ambassador Hong requested the Ministry of Finance’s unwavering support.

On his part, the Minister of Finance, Dr. Mohamed Maait, praised Ambassador Hong Jin-Wook’s continuous efforts in enhancing the bilateral economic cooperation between the Republic of Korea and Egypt. Minister Maait has also stressed that the spread of the success stories of the Korean companies operating in Egypt is not only beneficial to Korea but can be mutually beneficial, creating a win-win situation for both countries by attracting more investments to Egypt. In this regard, Minister Maait has stated that the Egyptian government will continue supporting the smooth operation of Korean companies. Furthermore, Minister Maait stated that the Egyptian government will continue its close cooperation with the Korean Embassy to further enhance and bolster bilateral economic collaboration between the two countries.