The total number of Korean projects in Egypt is 171, with a total capital of $ 445m, in the sectors of electronics, textiles, automobile components, chemicals, building materials, new and renewable energy, and construction, according to Raouf Ghabbour, chairperson of the Egyptian side of the Egypt-Korea Business Council and GB Auto CEO.
Ghabbour said that the value of Egyptian non-oil exports to Korea recorded about $43.7m by the end of September.
The Korean business community is looking forward to investing in the Suez Canal Economic Zone (SCZone), said Myung- Soo, chairperson of the Egyptian-Korean Business Council (Korean side).
Soo praised the brave steps taken by Egypt in its economic reforms programme adopted a year ago by issuing a series of resolutions and laws aimed at eliminating bureaucracy and accelerating the pace of business in the country.
Minister of Industry and Trade Tarek Kabil pointed out that the volume of trade exchange between Egypt and Korea reached $1.437bn in 2016.
Kabil noted that the trade balance between the two countries is very much in favour of the Korean side, which requires more efforts to achieve some balance between the two countries in this regard, to cope with the great development in the political and economic relations between the two sides.
Egypt aims to attract investments worth $13bn to $15bn during the fiscal year (FY) 2017/2018, while the government was targeting investments of $10bn last FY.