Finance Minister, ambassador Hong Jin-wook talk solutions to problems against Korean companies in Egypt

CAIRO – 21 May 2023: The Minister of Finance Mohamed Maait and the Korean Ambassador Hong Jin-wook agree to continue working to resolve the problems faced by Korean companies in Egypt in order to increase Korean investments in Egypt, said the South Korean embassy in a statement on Sunday.

Egypt has experienced significant economic challenges due to COVID-19, the Russia-Ukraine war, and the global austerity measures since 2020. Despite these difficulties, Egypt has been making ongoing efforts to overcome them. In particular, they have been actively promoting foreign investment and striving to make Egypt an attractive investment destination, the statement said.

As a result of these efforts by the Egyptian government, many Korean companies have invested in the Egyptian market and expanded their presence there. In addition, there have been various economic cooperation projects between the two countries, such as the joint production agreement for the K-9 howitzer, the construction of the El-Dabaa nuclear power plant, and the joint production agreement for Cairo Metro Lines 2 and 3 trains.

Behind the expansion of investments and strengthening of economic cooperation between the two countries lies the close friendship and constant collaboration between Ambassador Hong Jin-wook and Minister Maait. In particular, Minister Maait has been highly regarded for his significant contributions to enhancing economic cooperation between the two countries, earning him the title "Problem Solver" among Koreans.

Prior to the end of his approximately three-year term as the Ambassador to Egypt on May 21, Ambassador Hong had a meeting with Minister Maait to express his gratitude for the efforts made to resolve the difficulties faced by Korean companies and to enhance bilateral economic cooperation. He requested continued support to attract more Korean investment to Egypt and ensure smooth business operations.

Minister Maait expressed his appreciation for Ambassador Hong's efforts and dedication, evaluating the bilateral relations between Korea and Egypt as reaching an unprecedented level of excellence. He also pledged to continue efforts to expand Korean investment and resolve any difficulties faced by Korean companies. Furthermore, he expressed his commitment to actively communicate with the newly appointed ambassador for the future-oriented development of bilateral relations.

In comments to Egypt Today on May 16, he said that the role of the Egyptian government is very important in helping the current Korean companies solve their problems and difficulties, clarifying that “they are suffering to get their supplies to manufacture their products here in Egypt. And I am very happy that your government is cooperative in solving the problems that Korean companies encounter. It is not only the Korean companies, other companies are also hoping that Egypt can soon overcome the economic crisis.”