Sisi: Egypt Eager to Attract Korean Investments and Enhance Cooperation in Technology and Manufacturing

Cairo - Khadija Hamouda

President Abdel Fattah el-Sisi expressed his appreciation for the prominent role played by Korean companies as a reliable partner in supporting comprehensive development efforts in Egypt. He pointed to a strong Egyptian political will to enhance cooperation with the Republic of Korea and expand it into broader horizons, particularly in the fields of economy, investment, manufacturing, and technology.

This came during President el-Sisi’s participation, yesterday in Seoul, in a roundtable discussion with the heads of major Korean companies and representatives of the business community in the Republic of Korea, on the sidelines of his state visit to the country.

Spokesman for the Presidency, Ambassador Mohamed El-Shenawy, stated that 23 of the largest Korean companies participated in the meeting. He added that the President delivered a speech praising the solid economic and investment partnership between the Arab Republic of Egypt and the Republic of Korea, emphasizing Egypt’s aspiration to continue joint work with the Korean side to elevate this partnership to more ambitious and expansive levels.

He clarified that President el-Sisi addressed the steps taken by the Egyptian state in recent years to reform the economy, improve the investment environment, and develop the business climate through the implementation of a wide-ranging program of structural and economic reforms. These reforms included liberalizing the exchange rate, updating legal and regulatory frameworks for investment, and expanding the role of the private sector as a key partner in the development process. He noted that the results of these efforts have been reflected in economic indicators and assessments issued by international institutions, thereby enhancing confidence in the Egyptian economy and its ability to attract further investments.

The President also discussed the comprehensive package of investment incentives and facilitations provided by the Egyptian state. These include streamlining procedures through a single-window system, offering industrial land at competitive prices with advanced infrastructure according to the highest standards, and the state’s commitment to providing full guarantees for the protection of investments and the freedom to repatriate profits. Additionally, he highlighted the implementation of specialized programs to train and qualify the Egyptian workforce to meet the needs of modern projects. He emphasized Egypt’s commitment to providing competitive financing to support partnerships and overcome obstacles facing investors, including those related to the possibility of bringing in experts and technical labor required to implement projects in Egypt.

The official spokesperson clarified that President el-Sisi emphasized Egypt’s aspiration to enhance cooperation with the Republic of Korea in several strategic priority projects. He reiterated the invitation to establish a comprehensive Korean industrial zone within the jurisdiction of the General Authority for the Suez Canal Economic Zone, noting that this zone could become a regional hub for production and export for Korean companies, not only to meet the needs of the large Egyptian market but also to access regional and global markets, leveraging Egypt’s network of free trade agreements with African countries, the European Union, and Arab nations.

The President also noted that Egypt’s vision for partnership with the Republic of Korea goes beyond the concept of traditional trade exchange to include industrial localization, technology transfer, capacity building, and innovation enhancement. He confirmed Egypt’s welcome of industrial and investment partnerships based on co-manufacturing in vital sectors, including shipbuilding, automotive manufacturing, electronics, petrochemicals, and pharmaceuticals, as well as advanced technology sectors, digital transformation, artificial intelligence, and data centers. Furthermore, he pointed to promising opportunities for cooperation in agriculture, food processing, aquaculture, textiles, and tourism, particularly in new development projects extending along the coasts of the Red Sea and the Mediterranean.

President el-Sisi also stressed the importance of Korean companies considering expanding their investments in the oil, gas, and mining sectors, and taking advantage of opportunities available in new, renewable, and clean energy projects, including solar and wind energy, green hydrogen, smart grids, and energy storage technologies.

The spokesperson added that the President highlighted the significant potential for partnerships between Egyptian and Korean companies to implement joint construction, building, and infrastructure projects in Arab and African countries. He affirmed his sovereignty’s importance in activating the role of the Egyptian-Korean Business Council and working to hold a joint economic forum periodically, while developing specific action plans to ensure that available opportunities are translated into tangible projects on the ground.

The session featured an interactive discussion with the Korean business community, where opportunities for implementing strategic and sustainable partnerships between Egypt and the Republic of Korea were discussed. Participants expressed their appreciation for the President’s remarks, praising the measures taken by the Egyptian state in recent years to facilitate the implementation of commercial and investment partnerships and improve the business climate.

Participants emphasized the necessity of continuing efforts to formulate joint initiatives that serve the interests of both sides, based on the promising opportunities for cooperation between Egypt and the Republic of Korea in various fields. They pointed to the aspiration of Korean companies to operate in Egypt, particularly given its strategic geographical location, its status as an investment-attractive environment, and its role as a gateway to Africa and other countries in the region.

For his part, President el-Sisi reiterated the state’s commitment to providing all facilitations for investors, especially Korean investors, urging them to take advantage of the facilitations offered by Egypt. He described investment in Egypt as an opportunity given the country’s stability, and extended an invitation to Korean companies to visit Egypt to assess investment opportunities and state-provided facilitations, and to identify potential partnerships.