Korean Delegation Visits Egypt to Discuss Investment Opportunities

A Korean delegation arrived at Cairo International Airport on Sunday morning, May 26, 2024, and will stay until May 30. The delegation includes a number of businessmen, investors, and industrialists from South Korea. 

They are members of Korea-Egypt Development Association, headed by Mr. Kang Won-seok.

The visit, scheduled from May 26 to 30, aims to open investment opportunities with the Egyptian government in various fields to enhance economic cooperation between the two countries and benefit from the facilities provided by the government. This will involve meetings with senior Egyptian officials, the General Federation of Chambers of Commerce and Industry, and signing cooperation protocols with several companies.

Kang Wong Sik, Head of Korean delegation and president of Korea-Egypt Development Association, praised the efforts of Prime Minister (PM) Mostafa Madbouly in attracting investments to Egypt and his role in restoring investors' confidence.

He also appreciated Madbouly's quick response in facilitating the Korean delegation's mission. 

He mentioned that the successful visit includes several meetings with Minister of Civil Aviation Mohamed Abbas Helmy, Minister of Tourism and Antiquities Ahmed Issa, Chairman of the Suez Canal Economic Zone Walid Gamal El-Din, the General Federation of Chambers of Commerce and Industry, and numerous businessmen and company owners.

The Egyptian-Korean partnership will be divided into two phases: agents and distributors, followed by manufacturing.

Representatives from the Tourism Promotion Authority, led by Amr El-Kady, welcomed the association's president and his accompanying delegation. 

The Tourism Promotion Authority office at Cairo Airport, headed by Maha Galal, Director of Domestic Tourism, provided all necessary facilities. Nermin Hanafi, Director of Tourism Relations at the authority, also welcomed the delegation and organized a tourism program, including visits to the Pyramids area and the National Museum of Egyptian Civilization, where they were received by the general supervisor and CEO of the museum authority, Ahmed Ghoneim.

Kang Wong Sik expressed gratitude to the Tourism Promotion Authority, led by Amr El-Kady, for the warm welcome and well-organized program, reflecting the genuine hospitality of the Egyptian people and the strong relations between the two nations.

The Korean delegation includes 19 companies represented by 24 individuals working in 11 fields, including manufacturing cars and electric bicycles, airlines, railway signals and cars, environmental protection, optical devices for small arms and machine guns, firefighting, cosmetics, elevator manufacturing and maintenance, refrigerated meals, and fish storage. 

The delegation also includes the Korean-Pakistan Association, the Korean Association for the Promotion of Small and Medium Industries, and the Korean Cooperative Apparel Industry Association.

Kang Wong Sik highlighted the efforts of Madbouly in attracting investments to Egypt and his role in restoring investors' confidence, as well as his quick response in facilitating the Korean delegation's mission.

Furthetmore, Head of Korean delegation added that discussions would include the establishment of an Egyptian-Korean economic council, emphasizing that the Egyptian people possess many important resources that will enable progress. 

Moreover, he expressed hope for a free trade agreement between the two countries, which would significantly expand economic cooperation and increase Egyptian industries run by Koreans.