Embassy of South Korea in Egypt organised a visit for Korean businesspersons to the New Administrative Capital (NAC) on Monday to closely learn about the progress made in the NAC and to explore potential investments for Korean companies in the city.
Around five major Korean companies in Egypt took part in the visit, including Doosan Heavy Industries and Construction, LG Electronics, LS Cable and Systems, Posco International, and Samsung Electronics, Korean ambassador Yeocheol Yoon told Daily News Egypt.
Over the visit, the Korean side met with Ahmed Zaki Abdeen, chairperson of the Administrative Capital for Urban Development (ACUD), to discuss the possibilities of bringing Korean investments in the city.
Korea’s investments in Egypt are estimated at $570m, while Egypt’s investments in Korea are at about $16.7m.
The Korean investors are very keen to participate in Egypt’s megaprojects, at the foremost, the NAC, the ambassador mentioned, reassuring the Korean embassy’s support to Korean investors to inject new investments in Egypt, especially with the success of the economic reforms adopted by the Egyptian government.
The ambassador expected more Korean companies to invest in Egypt, highlighting the significant leap in the two countries partnership across various sectors.