Egypt eyes expansion of South Korean investments – PM
Egypt is actively seeking to expand South Korean investments in various sectors alongside current investments, stated Prime Minister Moustafa Madbouly on Thursday.
This came during his meeting with representatives of the top 15 South Korean companies operating in the Egyptian market in various sectors such as electronics, electrical appliances, textiles, oil and gas, nuclear energy, iron and steel, petrochemicals, manufacturing underground cars, and importing Egyptian agricultural products.
Madbouly invited companies to share their operational plans for Egypt, expressing his readiness to address any challenges they might encounter promptly and in collaboration with the appropriate ministries and agencies.
The Prime Minister highlighted the strategic alliance between Egypt’s and South Korea’s public and private sectors, which is evident in numerous industrial and transport projects, as well as in the automobile and ancillary industries, where Korean companies have a significant presence in Egypt.
He further detailed Egypt’s efforts to boost its economy and create an attractive climate for foreign investments, noting that the government is implementing a range of incentives to draw investments in various sectors, particularly focusing on industrial projects, which aligns with the government’s recent strategic priorities.
Moreover, representatives from the South Korean companies LG and Hyundai Rotem discussed their ongoing activities and future expansion plans in Egypt. LG is considering further expansion, while Hyundai Rotem is collaborating with Egypt to manufacture electric underground cars in the Suez Canal Economic Zone (SCZone).
Hansan Global expressed interest in importing oranges from Egypt, prompting the Prime Minister to assure immediate action. Given that Egypt is a major exporter of oranges, the Prime Minister directed the Minister of Agriculture to facilitate this process, ensuring it meets health standards and requirements.
