In a meeting Monday with South Korea's Ambassador in Cairo Hong Jin-Wook, the minister said: "We are keen on providing a luring and incentivizing work environment for local and foreign investments to attract investors in the various sectors to entrench all-out and sustainable development pillars."

The minister affirmed strong commitment to boosting cooperation with South Korea in the various domains, especially in the economic, investment and trade spheres, as well as localizing electronic cars, information technology and communications, renewable energy, tourism, infrastructure and mining industries.

He commended South Korean investments as an exemplary model for investments in Egypt .

For his part, the South Korean ambassador said the Egyptian government is proceeding ahead will development efforts, with a view to carrying out all national ventures, despite the negative impact of the coronavirus and the Russian-Ukrainian crisis, thus luring South Korean investors to expand investments in Egypt.

Meantime, he said his country is looking forward to beefing up cooperation with the Egyptian side, especially after the South Korean president's latest visit to Egypt.