Egypt, South Korea Inking MOUs

Egyptian President Abdel Fattah el Sisi witnessed the inking of several memorandums of understanding during the final session of the Egypt-South Korea Business Council.

The Korean Doosan Group signed a memo with the Egyptian Ministry of Electricity for establishing a coal-fired power plant in Matrouh Governorate.

The Egyptian Electricity Distribution Company inked a memo with a consortium grouping Hyundai and Daewoo firms on developing Egypt's electricity distribution grid.

Also, the General Authority for Suez Canal Economic Zone signed a memo with the Doosan Group.

The Federation of Egyptian Chambers of Commerce signed a memo with the Korea Chamber of Commerce and Industry.

Addressing the council, Sisi said Egypt seeks to diversify its economy, develop its productive capabilities in various domains and establish powerful and effective partnerships with the largest possible numbers of international partners.

The measures are meant to boost investments, Sisi said during the final session of the Egypt-Korean Business Council, noting that Egypt is one of the most important markets in the Middle East and North Africa.

Sisi said he is happy to address the joint business council as businessmen can play an effective role in developing the Egyptian-Korean economic ties, noting that Egypt counts on this relationship to realize a leap in trade and investment cooperation.

He said South Korea is one of the strongest economies in eastern Asia and its economic experiment represents a success story.

Sisi said a new development partnership was spearheaded during his visit to South Korea, voicing hope that this economic go-ahead would meet the two people's aspirations.

Sisi said he felt during the visit that the Korean leaderships are interested in developing bilateral ties.

He noted that his visit to Korea fell within the framework of an Asian tour that aimed at activating Egypt's strategy to be open to key international partners, diversify its foreign relations network and realize economic development.

He said Egyptians have proved to be capable of building their constitutional and democratic institutions in a record time and this shows their steel resolve to present an epitome of democratic change in the region despite the challenges besetting them.

Egypt succeeded in realizing security and confronting terror and extremism, he said, noting that this helped the economy recover gradually and secure a safe climate for domestic and foreign investments.

Sisi said the government is committed to continuing structural economic reforms to settle several chronic problems.

He added that the government adopted an ambitious financial policy meant to increase government investments, create jobs, realize social justice and lay down a comprehensive program for encouraging investments, especially through investment-linked legislation.

He said Egypt launched several giant projects to be a locomotive for development, topped by opening the New Suez Canal, referring to the canal's economic development projects.

He said industrial and logistic zones will be set up in addition to developing several harbors to facilitate transportation and exportation, noting that Korean companies have a great chance to contribute to such projects.

Sisi also referred to the 5,000 kilometer long national road network as well as the 1.5 million feddans project which is meant to establish all-out development and urban communities and several traditional and renewable projects.

He added that a new administrative capital is being set up in accordance with international standards.

Sisi hailed Korean companies for investment in Upper Egypt which comes as at the top of the development plan.

He said the government is aware of the obstacles which faced foreign companies in Egypt in the last period and will work on finding swift solutions in the coming period.

He said the government works on a plan to encourage foreign investments.

Sisi said he is looking forward to the positive outcome of the joint business council to give momentum to bilateral relations.