South Korea Embassy in Cairo held, on Wednesday, a forum to discuss Egypt’s new Advance Cargo Information (ACI) and e-invoicing systems, as well as Korean companies’ cooperation with the Egyptian government.
The event, titled “Forum on the Egyptian Government’s Business Policies – Recent Customs and Tax Reform Measures”, witnessed the participation of Korean Ambassador Hong Jin-wook, Egyptian Finance Minister Mohamed Maait, Deputy Finance Minister Mona Nasser, Head of Customs Authority El-Shahat Ghaturi, and Head of Tax Authority Reda Abdel Qader.
The meeting was attended by representatives from: Korea’s trade and investment promotion organization KOTRA, the Korea International Cooperation Agency (KOICA), and 14 Korean companies, including Samsung Electronics, Samsung SDS, and LG Electronics.
Ambassador Hong hailed the Egyptian government’s efforts to support and ease difficulties facing Korean companies in Egypt. He added that the best way to stimulate Korean investments to Egypt is to showcase the success stories of Korean companies currently operating in Egypt and to continue the Egyptian government’s active support to companies to stabilise their business and operation in Egypt.
The Ambassador said that the meeting is an important gathering that brings together all key players who lead the bilateral economic cooperation between the two countries, expressing his hope to hold such meetings on a regular basis to keep up the momentum.
For his part, Minister Maait said that the new ACI system and e-invoice, as well as other reforms in customs and taxes, are meant to ease procedures and facilitate the work of local and foreign companies.
Maait stressed his keenness to support Korean companies and solve any problem they face with the application of the new systems. He added that the Egyptian government eyes on attracting more Korean investments to Egypt, which contribute to creating more jobs, increasing exports, and helping Egypt to develop.