South Korean investments in Egypt hit $445 mln, says minister

South Korean investments in Egypt are estimated at $445 million for 171 projects in various fields, Egypt’s Industry and Trade Minister Tarek Qabil announced in a statement on Wednesday.

These projects span over the sectors of electronics, fabrics, car parts, chemical industries, renewable energy, construction materials, and construction, the statement added.

The bilateral trade between Egypt and South Korea in 2016 was estimated to be worth $1.44 billion of investments.

“The trade balance refers to South Korean exports to Egypt as higher than the Egyptian exports to Seoul. So, Egypt has to double efforts to achieve balance,” Kabil noted.
The minister met with a number of South Korean companies visiting Egypt on Wednesday.

The Egyptian-South Korean Business Council’s (ESKBC) business forum was held on Wednesday. The event included two sessions, the first discussed the investment climate in Egypt and South Korea, as well as the role of the banking sector in providing funds. The second session discussed investments in infrastructure and logistics.

South Korean investors plan to open new businesses in Egypt in the near future, head of the Egyptian-South Korean Business Council’s (ESKBC) Raouf Ghabbour stated.

Ghabbour pointed out that the implementation of major projects in Egypt has attracted investors’ attention. He added that the new Banque Misr branch enhances capital flows, trade and investments between Egypt and South Korea. Source: Egypt today