Arab Republic of Egypt Ministry of Investment and Foreign Trade General Organization for Export and Import Control

The meeting reviewed the objectives of the economic cooperation and discussed the proposed responses to the requirements of the Korean side, for ensuring the maximum benefit from the strategic partnership between the two countries.

The entities participating in the meeting included: International Cooperation Sector of the Ministry of Foreign Affairs, Immigration and Egyptian Expatriates Affairs, the Arab Organization for Industrialization, Ministries of (Industry, Transport, Communications and Information Technology, Electricity, Education, Higher Education, Civil Aviation, Petroleum), the Grand Egyptian Museum, in addition to the Ministry of Investment Sector (Commercial Representation, General Authority for Investment and Free Zones (GAFI),  General Organization for Export and Import (GOEIC), The Suez Canal Economic Zone (SCZONE), Nuclear Materials Authority, Financial Regulatory Authority, and Egyptian Stock Exchange.

During the meeting, Dr. Farid confirmed the need to move from the general framework to the specific projects, and directed to prepare an urgent technical study to identify investment opportunities and the sectors most likely to be implemented immediately.

The minister also stressed the importance of sending a strong message to the Korean side confirming the continuation of cooperation and the significance of overcoming all obstacles that face the joint investments.

Within the frame of deepening local manufacturing, the Minister submitted a proposal of establishing joint training schools specializing in technical education in cooperation with the Korean side, and particularly focusing upon the automotive industry sector.

He pointed out that this approach aims to create qualified Egyptian personnel capable of absorbing advanced Korean technology and linking scientific research to the actual needs of industry.

Regarding the capital market, the minister designated the Financial Regulatory Authority and the Egyptian Stock Exchange to study a proposal to invite the Korean pension funds to invest in the Egyptian stock market through cooperation with local investment banks.

The proposals also attempt to attract major investment banks in South Korea to open representative offices in Egypt, to be a key pillar in supporting and directing the Korean investments towards national projects.

In a step to boost the trade, Dr. Farid directed a study of Korea Export Credit Agency invitation to open a representative office in Egypt, considering that the agency’s presence would provide the necessary guarantees for Korean exporters and investors, thus raising the trade exchange rates and encouraging Korean companies to have Egypt a center for their operations in the region.

At the conclusion of the meeting, the Minister directed sending a unified response form to all participating parties, to accurately include their final responses and technical proposals, in order to ensure the formulation of a unified and integrated Egyptian position to be presented to the Korean side in the coming period.