Egyptian-Korean Business Council seeks to lure Korean investments

Head of the Egyptian side of the Egyptian-Korean Business Council Raouf Ghabour asserted on Thursday, at the conclusion of the ninth session of the council, that Egypt is keen on backing the private sector which helped Egypt overcome the past five-year challenge.

The ninth session of the Egyptian-Korean Business Council held in Seoul Thursday was attended by visiting Egyptian President Abdel Fattah El Sisi.

Ghabour thanked all parties that contributed to the session's success.

"Our international village cannot achieve prosperity unless we establish stronger ties", Ghabour said. "The council reviewed attracting more Korean investments into Egypt."

He also urged the Egyptian government to formulate urgent plans to push industry forward and to remove any obstacle related to foreign currency problems or bureaucracy.

During the session, the two sides signed the joint statement, Ghabour added.

Also, a memorandum of understanding (MOU) was signed between Hyundai Engineering Co. and Egyptian Electricity Ministry, while two others were signed between Doosan Heavy Industries & Construction Co., Egyptian Electricity Ministry and the General Authority of Suez Canal Economic Zone, he noted.

An agreement was signed between the Egyptian and Korean Federations of Chambers of Commerce, he stressed.

For his part, the head of the South Korean side to the council said that the two sides discussed ways of promoting joint economic cooperation, calling for more mutual efforts on this score.