This meeting underscores Egypt’s commitment, represented by the Ministry of Investment and International Cooperation and GAFI, to strengthening the economic partnership with South Korea. The goal is to remove obstacles facing Korean investments by promoting direct dialogue between government agencies and the Korean business community, thereby creating a more attractive and stable investment environment.
GAFI CEO Hossam Heiba affirmed that cooperation with the
Korean side is a cornerstone of the bilateral economic partnership. He detailed
GAFI's comprehensive reform package aimed at simplifying procedures,
accelerating licenses, and improving services through the Investment Services
Digitization Project. GAFI is finalizing a unified electronic platform that
will offer all investor services, including licenses, approvals, and
application tracking, ensuring transparency, speed, and reduced human
intervention.
Heiba announced that the re-engineering of procedures, in
collaboration with an Egyptian-international consortium, is set to begin in
January 2026. This effort, along with the granting of the Golden License and
improvements to the customs clearance system, is expected to enhance business
efficiency and attract more foreign investment, particularly from South Korea.
Heiba also stressed the importance of directly addressing
all challenges facing Korean companies in Egypt through constant follow-up with
relevant government entities. He affirmed that resolving these issues is a top
priority, with a commitment to step-by-step implementation to ensure an easier
and more efficient investment environment that supports the expansion and
sustainability of Korean businesses.
For his part, Hyundoo Yee, the Commercial Attaché, stated
that holding the meeting reflects the mutual interest in strengthening the
economic partnership. He expressed deep appreciation for the Egyptian efforts,
noting the successful operation of many Korean companies in diverse sectors in
Egypt. He emphasized the necessity of identifying and jointly tackling investor
challenges to create a more supportive environment for growth and expansion.
During the meeting, GAFI’s Investor Follow-up Sector
presented an overview of achievements in post-investment care and executive
measures taken to improve the business climate. The session included an open
dialogue with Korean company representatives, led by the Korea Trade-Investment
Promotion Agency (KOTRA), who presented their main challenges. Egyptian
authorities, including GAFI, the Central Bank, and the Customs and Tax
Authorities, responded by explaining available mechanisms for swift and
systemic resolution.
The meeting concluded with both sides looking forward to
continued joint work and coordination, affirming that this constructive
dialogue is a vital step toward supporting the business community and
facilitating the flow of Korean investments, serving the economic interests of
both nations.
The diverse attendance included major Korean firms specializing in electronics, electrical industries, mobile phones, razor blades, chemicals, steel, logistics, ready-made garments, power and communication cables, packaging materials, nuclear energy, natural resource development, international trade, and railway equipment design and manufacturing.