Investment minister calls on Korean companies to invest in Egypt


Tue, 26 Feb 2019 - 03:55 GMT

Minister of Investment Sahar Nasr

Minister of Investment Sahar Nasr

CAIRO – 26 February 2019: Minister of Investment Sahar Nasr called on Korean companies to expand their investments in Egypt, clarifying that Korean investments do not reflect the distinguished level of political and economic relations between both countries.

Nasr elaborated that there are only 164 Korean companies in Egypt, most of which are distributed among the manufacturing, services and construction sectors.

This came during her speech at the Egyptian-Korean Business Forum that was held on Tuesday in the presence of Minister of Finance Mohamed Ma’it, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone Mohab Mamish, and Chairman of the Egyptian-Korean Business Council Khaled Naseer.

The business forum also witnessed the attendance of First Deputy Minister of Economy and Finance Lee Hosing, Vice-President of the National Assembly of South Korea Lee Lee Ju-yong, and member of the National Policy Committee of the Assembly Kim Jong-hoon.

Nasr added that Egypt has made great progress in implementing the economic development plan with all its ambitious measures. In accordance with the directives of President Abdel Fatah al Sisi, the current focus of the government is to promote investment in areas that serve the largest segment of citizens, such as infrastructure.

The main pillar of the government's economic reform program is to encourage the private sector by improving infrastructure, providing an appropriate business environment, enhancing access to financing for small and medium enterprises and removing all obstacles facing investors, she said.

The minister pointed out that the investment law stipulates facilitating procedures, reducing the time required for issuing licenses, and providing guarantees to investors, and sets policies that encourage investment. It also enhances the role of the private sector in the implementation of major national projects, the development of the economic zone of the Suez Canal, the New Administrative Capital and the new city of Alamein, which will speed up the completion of many projects.

During the forum, the General Authority for Investment and Free Zones (GAFI) gave a presentation on the investment opportunities in Egypt and the Suez Canal Economic Zone reviewed the investment opportunities in the region.

Egyptian officials held a round table with major Korean companies, most notably Hyundai Industrial Equipment and Cars, Hyundai Rotem, Daelim Industrial, Dahua specializes in comprehensive engineering consultancy, GS for Engineering & Construction, Hyundai Industries, Hyundai Engineering & Contracting, LSAs Cable Production, Diyaong Industries, Samsung Electronics, and LG Electronics.

Hyundai Rotem, a specialist in the construction of railways and underground, said it had won a tender for the supply, operation and maintenance of six trains for the second metro line in Cairo last month, and that the company is currently discussing the future investment plan in Egypt, the provision of trains for the third metro line and expansion in new areas, including participation in the development of railways and cargo system in Egypt.

Daelim is seeking to exploit the boom in legislative and executive reforms undertaken by the Egyptian government and is currently studying opportunities for investment in infrastructure and construction projects in the new capital and the cities of the al-Galala and New Alameen.

Samsung Electronics Company has invested $265 million in Egypt over the past years.

As a result, Samsung exports to Egypt with a total of $780 million annually. The company is currently considering expanding and increasing the production of its plant in Beni Suef, and the establishment of new lines for the production of home appliances and mobile devices, as Samsung has the largest share in the smart phone market in Egypt.

The minister then met with Korean companies working in the field of automotive feed industries, where the companies' investment in the manufacture of automotive components and feeder industries in Egypt was discussed.



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