Egyptian Finance Minister Mohamed Maait on Sunday discussed with South Korean Ambassador to Cairo Hong Jin-wook ways to increase the volume of Korean investments in Egyptian bonds with the aim of diversifying financing tools.
A statement from the Finance Ministry said that this comes in line with the debt management strategy, reducing the cost of financing the budget deficit and the development plan. The amendments related to the double taxation prevention agreement concluded between the two countries were discussed to reduce evasion and double taxation to stimulate the investment climate.
He added that the coming period will witness more meetings to discuss global financial developments, benefit from the experiences of the financial policies in both nations and exchange expertise in various fields.
“We are keen to develop relations between the two countries in all fields, in light of the growing volume of Korean investments in Egypt, which prompts us to overcome all obstacles,” Maait said.
He added that he is also eager to solve any problems that Korean companies operating in Egypt may face in the tax and customs fields.
This will help stimulate foreign investments, he said, and achieve stability for these companies in their activities and business.
The government will continue to implement structural reforms as an extension of the economic reform program that has been successfully implemented over the past years.
Maait said that these reforms contribute to improving the business climate and attracting more investors, in light of the promising investment opportunities that the country is seeing in various development sectors.
Ambassador Jin-wook praised the positive developments in various aspects of life in Egypt, and the leap in performance that the Egyptian economy is achieving.
He expressed his country’s desire to enhance economic cooperation with Egypt, and increase Korean investments due to Egypt’s promising circumstances.
Hong noted that a Korean company established a factory in Egypt that produces tablets locally and exports them to many countries, in addition to the interest expressed by various Korean companies to pump their investments in Egypt in various fields, most notably clean energy and sea water desalination.