The Minister of Finance Mohamed Maait and the Korean Ambassador Hong Jin-wook agree to continue working to resolve the problems faced by Korean companies in Egypt in order to increase Korean investments in Egypt, said the South Korean embassy in a statement on Sunday.
Egypt has experienced significant economic challenges due to COVID-19, the Russia-Ukraine war, and the global austerity measures since 2020. Despite these difficulties, Egypt has been making ongoing efforts to overcome them. In particular, they have been actively promoting foreign investment and striving to make Egypt an attractive investment destination, the statement said.
As a result of these efforts by the Egyptian government, many Korean companies have invested in the Egyptian market and expanded their presence there. In addition, there have been various economic cooperation projects between the two countries, such as the joint production agreement for the K-9 howitzer, the construction of the El-Dabaa nuclear power plant, and the joint production agreement for Cairo Metro Lines 2 and 3 trains.