Egypt targets increasing its tax revenues by 15 percent during the current FY 2020/2021, which ends on 30 June, said Minister of Finance Mohamed Maait. Maait's statement came at a seminar held with a delegation of South Korean investors, organised by the South Korea Embassy in Egypt.
The minister explained to the investors that Egypt's expansion in the e-invoice system has improved the efficiency of the tax system, adding that 1,300 companies in the Egyptian market have submitted 13 million documents to registrate since the system was launched in February.
"Egypt is moving ahead with its structural reforms to improve the atmosphere of doing business and attract more foreign investors to the market that is replete with investment opportunities," Maait said at the meeting.
Egypt is focused on enhancing the private sector's role in the development process, being the driver for economic growth, Maait added.
The minister lauded the bilateral partnership with South Korea, applauding the joint cooperation and its successful investment experiences in the Egyptian market.
Maait said he is looking forward to the visit of the South Korean president, which is anticipated soon after it had been postponed due to the pandemic.
South Korean Ambassador to Egypt Hong Jin-wook praised Egypt's efforts to eliminate the obstacles Korean companies face in Egypt. He added that Korean companies are exploring the investment opportunities in the Egyptian market.
In early 2021, South Korea announced that it plans to increase its investments in Africa, with a special focus on Egypt as a hub for the African, Middle East, and European markets.
Trade exchange between Egypt and South Korea recorded $1.59 billion in 2019, rising to about $2 billion in 2020, according to Egypt's Ministry of Trade and Industry.
The trade balance between the two countries reached $518 million in the third quarter of 2020, dominated by engineering and electronic goods, furniture, ready-made garments, chemical products, fertilisers, and medical industries, according to the finance ministry.
