Korean Chamber of Commerce and Industry and the Egyptian Business Association organizes an awareness webinar on doing business in Egypt
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On 8th July, Korean Ambassador Hong Jin-wook attended an awareness webinar on opportunities for doing business in Egypt organized in collaboration between the Korean Chamber of Commerce and Industry KCCI and the Egyptian Businessmen Association EBA. More than 40 Korean companies working in diverse sectors joined the webinar along with representatives from the Industrial Development Authority and the General Authority for Investments and Free Zones (GAFI).
In his opening remarks, Ambassador Hong emphasized the tremendous potentials available for the Korean business community in Egypt, noting that Egypt is Korea’s main investment destination in Africa with major Korean companies successfully operating in Egypt and exporting made in Egypt products; creating thereby win-win cooperation between the two countries.
He added that there is more to be done for boosting Korea-Egypt bilateral economic ties, highlighting the ongoing discussions to localize railway industry in Egypt in collaboration between Hyundai Rotem Company and the National Egyptian Railway Industries Company (NERIC). He pointed that this cooperation will not only allow for sharing the Korean expertise and technology with Egypt, but also will help Egypt becoming a hub for rail cars exports to the region, contributing as well to more job creation and improving Egyptian citizens’ quality of life.
Ambassador Hong added that in recognition of the importance of facilitating trade and investment between the two countries, there are ongoing discussions with the colleagues in the Egyptian government to initiate a feasibility study on an economic partnership agreement between Korea and Egypt. He pointed to the Korean government’s decision to designate Egypt as a core priority country for Official Development Assistance ODA for the coming five years from 2021~2025 which will help expand the mutually beneficial synergy between the business communities in both countries. Ambassador Hong said that the horizons for the partnership between Korea and Egypt can be broadened through trilateral cooperation, so that the two countries can jointly advance into the markets of third countries, with products combining the Korean technology and Egypt’s local manufacture.
Ambassador Hong sheds light on the pivotal role that the two business communities can play in boosting the bilateral cooperation, taking advantage of the friendly legal and institutional environment that both governments are working on to establish. He expressed hope that the webinar can be a good opportunity for exchanging views and opening up new avenues for successful partnership between Korea and Egypt.
For his part, Mr. Taehee Woo, Vice Chairman of the Korean Chamber of Commerce and Industry KCCI, said that the KCCI is working to push forward cooperation and keep the momentum of the bilateral cooperation. He said that Egypt is creating favorable environment for businesses with its bold economic reforms, adding that this awareness webinar will help Korean businessmen better understand the developments in the Egyptian market. Mr. Joo Si-Bo, Chairman of the Korea-Egypt Business Council, stressed the need to remove trade barriers and unnecessary regulations that hinder the international cooperation whether at the bilateral or the multilateral levels, which is becoming of an increasing importance with the global pandemic. In the remarks of the Chairman of the Egyptian Businessmen Association, delivered by the Chairman of Egypt-Korea Business Council Eng. Khaled Nosseir, he expressed keenness to offer the support needed for Korean businesses interested in cooperating with Egypt and Egyptian businessmen and assist in facilitating their businesses towards fostering the economic relations between Egypt and Korea and promote business cooperation.