Egypt’s Minister of Finance Mohamed Maait confirmed that directives from President Abdel Fattah Al-Sisi have been put in place to stimulate investments, especially those coming from South Korea, in Egypt. As part of this, further presidential directives have been enacted to overcome any obstacles that investors may face, in a way that contributes to encouraging them to expand their activities.
Maait indicated that the government is keen to modernise and automate Egypt’s tax and customs systems, to simplify procedures and facilitate business activities.
In his meeting with South Korea’s outgoing Ambassador in Cairo Yoon Yu-chul, on the occasion of the end of his term in Cairo, Maait expressed his appreciation for the ambassador’s efforts during his tenure, which have contributed to laying the foundations of cooperation between South Korea and Egypt, and opening new horizons for investment between the two countries.
“We look forward to strengthening economic cooperation between the two countries and attracting more Korean investments to Egypt,” he said, expressing his appreciation to the South Korean government, which has supported Egyptian efforts to confront the novel coronavirus (COVID-19) crisis with emergency assistance of $200,000, which has also been used to mitigate the economic and social impacts of this pandemic.
For his part, Ambassador Yoon Yu-chul expressed his country’s aspiration to enhance economic cooperation between the two countries during the coming period. This would also see an increase in South Korea’s investments in Egypt, especially in light of the tangible efforts made by the Egyptian government to overcome the obstacles facing Korean investors.
He praised the facilitation of customs procedures and encouragement of companies committed to the benefits of the “white list”, which contribute to simplifying procedures, reducing release times, and rationalising customs clearance costs.