South Korea’s Ambassador to Egypt, Hong Jinwook, has praised Egypt’s economic performance and resilience in the face of the novel coronavirus (COVID-19) pandemic.
The ambassador noted that the local resilience came at a time when the performance of many of the world’s economies declined. He also indicated that his country was ready to provide the necessary technical expertise to expand the scope of e-commerce in Egypt.
Ambassador Hong expressed his country’s aspiration to enhance cooperation with the Egyptian government in various fields, particularly on the economic side. He stressed his appreciation of the country’s efforts to overcome customs and tax obstacles facing Korean investors in Egypt.
For his part, Minister of Finance Mohamed Maait affirmed that the Egyptian government is keen to maximise foreign investments in Egypt, especially from South Korea.
He noted that this will take place through serious endeavours to attract investors and overcome any obstacles they face. With investment stimulations in place, it is expected that investors will be motivated to expand their production activities, in a manner that is consistent with the state’s efforts to localise global expertise.
Maait added that it will also advance Egypt’s national industry in various sectors, and serve as the main driving force for economic growth, job creation. It is also hoped that this would provide a positive contribution to improving the services provided to Egyptians and their quality of life.
In his meeting with Ambassador Hong, Maait said that Egypt is looking to open new horizons for investment between the two countries, with a focus on the development and technological sectors. He pointed out that the state is putting much attention on developing the country’s education and health systems.
The minister mentioned that the Egyptian leadership’s economic reform programme and the support given by citizens have both contributed to strengthening the national economy.
Despite the repercussions of the global pandemic, Maait said that Egypt is the only country in the Middle East and North Africa (MENA) region to have retained its credit rating and a stable outlook. The three main international credit rating institutions, Standard & Poor’s, Moody’s, and Fitch, have all announced their expectations of economic growth in Egypt jumping to 6.5% during the current fiscal year.
Ambassador Hong Jinwook has recently arrived in Cairo, following his appointment by President of the Republic of Korea, Moon Jae-in, last June. He arrived in Egypt on 3 July, following the reopening of Cairo International Airport as Egypt gradually reopens to coexist with the coronavirus.
