Egypt-South Korea trade exchange hits $ 600 million
Egypt-South Korea, Economics, 12/16/2003

Egypt's Minister of Public Business Sector Mokhtar Khattab said that the government strategy aimed at luring foreign direct investments (FDIs) specially in fields of priority to the Egyptian development plan.

Addressing the 3rd meeting of the Egyptian-Korean Business Council, he said the Agriculture Ministry has adopted several procedures to improve the quality of Egyptian fruits, citrus and vegetables, as reflected by the strong return to foreign markets.

Khattab urged South Korean businessmen to up their investments in Egypt to benefit from the available privileges and improved investment and economic atmosphere.

Egypt enjoys privileges that make it an investment hub, including a local market of 70 million people, decrease in the inflation rate to about 4 %, a gross domestic product (GDP) growth rate of 4.2 %, a high rate of profitability and a steady growth in the added value ties to the development of infrastructure, said the minister.

Khattab reviewed investment opportunities in Egypt, particularly in the fields of information technology (IT), pharmaceutical industries, textiles and other fields.

He asserted that the Korean investments in Egypt are not up to the two countries' ambitions, with the total Korean contributions to 16 investment projects put at L.E. 182 million out of L.E. 1.6 billion worth of aggregate investments in these projects.

On his part, the South Korean ambassador expected an increase in the trade exchange volume to hit $ 600 million by the end of this year, citing an increase in Egyptian exports to South Korea by 55 % and Korea's to Egypt by 30 %.

Previous Stories:
  Ebeid, Han Seung discuss boosting trade exchange, investment in Gulf of Suez   (8/16/2001)
  Korean markets opens up to Egyptian oranges   (3/17/2000)
  Resuming air flights between Egypt and Korea in October   (7/16/1999)

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