COP27 conf. to promote development investments in Egypt, says min.

CAIRO - 12 June 2022: Finance Minister Mohamed Maait has affirmed that the COP27 conference to be hosted by Egypt in November provides an additional platform to promote development investments in the country.

 

During a meeting with a South Korean delegation in the presence of South Korean Ambassador to Egypt Hong Jin-Wook, Maait said the Egyptian state is keen to overcome obstacles facing investors in a way that helps achieve comprehensive and sustainable development.

 

"The government aims to attract $10 billion in foreign direct investments a year," he said, adding that the State Ownership Policy and the Golden License will empower the private sector to raise its contribution rate to 50 percent of the GDP within three years.

 

Maait said that indicators of financial performance in the past 11 months were stable and positive despite the global crises, pointing out that the World Bank expected the Egyptian economy to grow by 6.1 percent in the current fiscal year.

 

For his part, the South Korean ambassador praised efforts exerted by the Egyptian government to support South Korean companies and alleviate hardships they face.

 

He said that the best way to stimulate South Korean investments in Egypt is to present the success stories of the South Korean companies currently operating in Egypt and to continue supporting them.