Hosting his country’s 67th Egypt Revolution Day anniversary reception for the second time following last year with Mme. Amal Nosseir, Egypt envoy Hazem M. Fahmy recommended for Korean government & private sectors to pay attention to promising Egypt markets in terms of its economic reforms etc.
Through his Embassy’s fete held at the Egypt Amb’s residence located in Hannam-dong Seoul on July 30th evening, Fahmy added Egypt is moving forward with comprehensive institutional and legal reforms to improve the business environment, confirming that President Abdel Fatah al-Sisi has put a ground vision for Egypt where investment will be driven by the private sector.
In conjunction with Egypt Amb Fahmy’s Revolution Day anniversary remarks, it is noteworthy that Egypt Minister Sahar Nasr of Investment & Intl Cooperation who visited Seoul recently as well, mentioned that in fact, the politics in the country have helped a lot in improving the business environment, and have opened the ground for more business to come to Egypt, which is reflected on the numbers of foreign direct investment (FDI) and overall private investment, according to a recent interview with Bloomberg.
"Despite the slowdown of the international economy and the crunch in the emerging markets, Egypt's share of FDI continuously rises, at 4 percent right now, and Egypt is ranking among the top performing countries in the region based on the outlook by both the World Bank and IMF," Minister Sahar Nasr stated.
Regarding private investments, Nasr said that it has been picking up at 26 percent and the number of companies that have been established everyday increased 27 percent. "These numbers make us optimistic about how investment is going in Egypt."
According to the Embassy of Egypt Seoul also, President Sisi has put a ground vision for Egypt in terms of moving forward with a very bold and courageous economic reform program, which has been accompanied by conditional cash transfers to the social safety net.
We have a new investment law that offers all the needed guarantees to the private sector and provides tax and non-tax incentives to re-position Egypt on the global investment map, adding the government has led major reforms like sectorial reforms on gas laws and renewable energy laws and transportation, commenting that all these new laws made a difference in the private sector, which resulted in the number of companies expanding or established, Egypt Embassy spokesperson said.
For reference, Korea & Egypt will commemorate their 25th anniversaries of diplomatic ties next year, according to Deputy Minister Yun Kang Hyeon for Economic Affairs, MOFAT who was on hand to deliver his congratulatory speech on behalf of the government.
Despite of full-fledged summer holiday season start, many Arab & Africa envoys showed up to show their solidarity with Egypt including Oman Amb. Mohamed Salim Alharthy, Nigeria Amb. Amin Muhammad Dalhatu, Gabon Amb. Carlos Victor Boungou, Israel Amb. Chaim Choshen, Iraq Amb. Hayder Shiya Al-Barrak, Rwanda Amb. Isumbingabo Emmafranclise, Lebanon Amb. Antoine Azzam, in addition to US Amb. Harry Harris, Brazil Amb. Luis Henrique Sobreira Lopes, new-accredited Brunei woman Amb. DK Nooriyah PG Yussof, Latvia Amb. Peteris Vaivars, Japan Amb. Yasumasa Nagamine, India Amb. Sripriya Ranganathan, Ireland Amb. Julian Clare etc.