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Egypt is keen to create an attractive and supportive business environment for investors: Finance Minister The investment climate in Egypt encourages Korean investors to expand their investments: South Korea's Ambassador to Cairo
Minister of Finance Mohamed Maait confirmed that the government is keen to create an attractive and supportive business environment for local and foreign investors, which is reflected in laying the foundations for comprehensive and sustainable development. He also stressed the state's continued efforts towards maximising the contributions of the private sector to economic activity, as it is the locomotive of development in Egypt, which can provide more job opportunities and sustain positive indicators of financial and economic performance in a way that helps meet the development needs of citizens, improve their standard of living, and upgrade the services provided to them. These statements came in a meeting South Korea's Ambassador to Cairo, Hong Jin-wook. During the meeting, Maait affirmed the Egyptian government's keenness to strengthen cooperation with South Korea in various sectors, especially in the localisation of the electric car industry, along with coordination in information and communication technology, renewable energy, tourism, infrastructure projects, and mining, explaining that Korean investments are a positive model for foreign investment in Egypt. For his part, Hong said that the Egyptian government has managed to continue its development path and complete national projects despite the global economic challenges brought about by the coronavirus pandemic and the Russian-Ukrainian conflict. He also praised how Egypt continues to improve its business environment in a way that provides an attractive climate for investment and encourages investors. The ambassador added that Koreans are seeking to expand their investments in Egypt, pointing to his country's aspiration to advance bilateral cooperative relations with Egypt to broader horizons in light of the results of South Korean President Moon Jae-in's recent visit to Egypt, during which a number of agreements were signed between the two countries. Furthermore, he said that he sees interest from several Korean investors to expand their business fields to take advantage of the good business climate in Egypt.
