Largest consumer market, sound macroeconomic foundation, ‘positive’ Sovereign Credit rating by S&P Global Ratings, Moody’s & FitchRatings, abundant natural resources etc. in addition to its geograpical edge such as Suez Canal...

Korea-Egypt Business Forum in which such positive elements were mentioned through several sessions held in the morning on Feb. 25th at the Conference Room, Korcham showed new cooperation fields between Korean investors & Egyptian authorities, according to the Embassy of Egypt while Egypt delegation including Madame Minister Dr. Sahar Nasr of Investment & International Cooperation, Egypt, Dr. Mohamed Maait, Minister of Finance, Egypt Amb. Hazem M. Fahmy to the Republic of Korea were on hand.

First off, by her welcome address Madame Minister Dr. Sahar Nasr of Investment & International Cooperation, Egypt touched upon central location & proximity to global market, access to a large consumer base in Egypt & beyond, large pool of trained and skilled labor, revamped infrastructure base, abundance in natural resources, competitive tax rates and last but not least its growing economy regarding ‘Why Egypt?’.

Dr. Mohamed Maait, Minister of Finance from Egypt who accompanied her as part of its delegation to Korea also said that Europe trusts Egypt economy, adding Egypt holds its favorable advantage linking Africa, Europe and the Middle East through its Suez Canal and more things.

By sessions, General Manager Mr. Ahmed Zohair from Egypt GAFI(General Authority for Investment and Free Zones) introduced that South Korea came in the 40th rank of FDI stock in Egypt as per June 30, 2018 while in regard to FDI inflows, naming its investment climate reforms, highlights of the new investment law, streamlining investment procedures and so forth.

Secondly, Mr. Tarek Kashawaa, Head of the Minister’s Technical Office for Strategies and Policies, Egypt Ministry of Trade and Industry advised that Egypt’s Free Trade Agreements can support Korea in expanding its exports to Africa and the world, naming COMESA, COMESA-SADC-EAC, AfCFYTA, GAFTA, MERCOSUR as well.

Through the analysis of Egypt investment environment & its prospect for 2019, senior research officer Mr. Hee Won Kim from the Export-Import Bank of Korea diagnosed that business environment in Egypt is continuously improving, pointind out that however, poor business management conditions and low labor market efficiency still exist.

Last but not least regarding the importance of shipping industry to Egypt and how it can benefit from Korean technology, Eng. Sayed Abuel Fettouh, Chairman of the Suez Canal Authority Executive Assistant presented as his summary that Suez Canal Authority seeks to enter the field of maritime transport by forming a commercial fleet by purchasing ships ready for sailing, developing its current shipyards, establishing new shipyards by the benefits of the tremendous technological development in South Korea in these fields.