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SCZONE aims to attract more Korean companies in targeted industrial sectors: Chairperson

During the meeting, Gamal El-Din engaged with representatives from various Korean companies, each specialising in different sectors.
29.05.24 | Source: Daily News Egypt

Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), extended a warm welcome to a delegation from the Korean Egyptian Development Association (KEDA) at the SCZONE headquarters in Sokhna. Led by Kang Won-Sik, Chairman of KEDA, the delegation included several leaders and officials from the association.

During the meeting, Gamal El-Din engaged with representatives from various Korean companies, each specialising in different sectors. These companies included Eastern R&E (railway cars and components), Tunemoli (cosmetics manufacturing), NST (Internet of Things), Good Elevator (elevator installation and maintenance), A.N.Fire Solution (fire safety management), HYUNDAI FENCE CO (iron fences), SAN Food Value (food storage technology), E & Bridge (biodiesel fuel production), and TTS (electric motorcycles).

The discussions culminated in the signing of a Memorandum of Understanding (MoU) between the National Egyptian Railway Industries Company (NERIC) and Eastern R&E. The MoU aims to enhance railway car production projects, facilitate technology transfer, and ensure production quality oversight. Ahmed El-Mofty (Project Manager at NERIC), Eui-Se Lee (Chairperson of Eastern R&E), and Kang Won-Sik (Chairperson of KEDA) were the signatories.

Gamal El-Din emphasised SCZONE’s commitment to attracting more Korean investments, leveraging the strong relations between Egypt and Korea. He praised KEDA’s role in fostering closer ties and highlighted ongoing collaborations between Korean companies and NERIC in the East Port Said industrial zone. Notably, partnerships with Hyundai Rotem and Eastern R&E open doors for further investment in targeted sectors, benefiting both local and African markets.

The SCZONE’s strategic location, skilled labour force, investment incentives, and seamless integration between ports and industrial areas were also underscored by Gamal El-Din.

Kang Won-Sik expressed gratitude for the warm reception and emphasized that Korean companies exploring Middle East investments recognize Egypt’s strategic location and abundant raw materials. He called for more reciprocal visits to showcase investment opportunities for Korean investors within the SCZONE.

Following the meeting, the delegation conducted a field visit to Sokhna’s integrated industrial zone, touring facilities such as the Heng Tong Egypt factory (electrical products and fibre optics), Media Egypt (home appliances), and the National Steel Fabrication (NSF) factory.

The collaboration between Egypt and Korea continues to strengthen, fostering economic growth and bilateral relations.