Presidential directives are looking to stimulate investments in Egypt, particularly from South Korea, according to Finance Minister Mohamed Maait.
The Presidential directives, which have been put in place to attract international investments in Egypt, are also looking to help investors overcome any obstacles. They are also aimed at encouraging investors to expand their activities in the country. The move to encourage investment opportunities, comes especially in light of global and Egyptian steps to coexist with the coronavirus (COVID-19).
Maait highlighted the government’s keenness to modernise and automate the tax and customs systems, which is projected to simplify procedures and facilitate the business community.
In his meeting with South Korean Ambassador to Cairo Yoon Yu-Chul, who is concluding his assignment to Egypt, Maait expressed his appreciation for the ambassador’s efforts during his tenure.
Maait noted that Yoon has contributed to laying the foundations for bilateral cooperation between South Korea and Egypt, whilst opening new investment horizons between the two countries.
“We look forward to strengthening economic cooperation between the two countries and attracting more [South] Korean investments to Egypt,” Maait said.
He also expressed his appreciation of the South Korean government’s support of Egyptian efforts in facing the coronavirus, with the former donating $200,000 in emergency assistance.
Ambassador Yoon expressed his country’s aspiration to enhance economic cooperation with Egypt in the coming period. This will include South Korea’s increased investments in Egypt, especially in light of the Egyptian government’s concrete efforts to overcome the obstacles facing Korean investors.
He praised the facilitation of customs procedures and the encouragement of companies committed to “white list” benefits. These have contributed to simplifying procedures, reducing release time, and rationalising the costs of customs clearance.