Egypt, South Korea hold 1st committee meeting to address investment challenges

Updated 12/1/2025 11:05:00 AM

Arab Finance: Egypt’s General Authority for Investment and Free Zones (GAFI) held the first meeting of the Egyptian-Korean committee for business and investment development as the two countries move to deepen economic cooperation and resolve obstacles facing Korean investors in the local market, as per a statement.

The meeting brought together Hossam Heiba, CEO of GAFI, Hyun-do Yi, Commercial Attaché at the South Korean Embassy in Cairo, representatives from several Egyptian government agencies, and senior executives from major Korean companies operating in Egypt.

It forms part of the government’s efforts, led by the Ministry of Investment and Foreign Trade and GAFI, to strengthen dialogue with the Korean business community and provide a more attractive and stable investment environment.

Heiba described cooperation with South Korea as a key pillar in advancing bilateral economic relations.

He said GAFI is moving forward with a comprehensive package of reforms designed to simplify procedures, speed up licensing, and expand the level of services available to investors.

This includes the Investment Services Digitalization Project, which is nearing completion and will offer licenses, approvals, and application tracking electronically.

According to Heiba, the restructuring of procedures will begin in January 2026, setting the stage for a unified electronic platform that ensures transparency, faster processing, and reduced human intervention.

The reforms also cover the Golden License and improvements to the customs clearance system to support a more efficient business environment and attract additional foreign investment, including Korean capital.

Heiba stressed that GAFI is closely coordinating with all relevant state bodies to address challenges facing Korean companies in Egypt.

He said identifying and resolving these issues is a top priority, with a step-by-step plan aimed at creating a more accessible investment landscape that supports the expansion and long-term presence of Korean businesses in the market.

He added that the ongoing meetings reflect a shared commitment to removing obstacles and providing clarity, which in turn reinforces investor confidence and supports the future of economic cooperation between Egypt and South Korea.

Yi said the meeting underscores the two countries’ mutual interest in strengthening their economic partnership.

He noted that many Korean companies are operating successfully in Egypt across a wide range of sectors and emphasized the importance of jointly addressing the challenges investors face to foster a stronger and more effective partnership.

During the meeting, GAFI’s Investor Follow-up Sector presented recent achievements in supporting existing investors and outlined executive measures taken to improve the business climate and streamline procedures.

The session also included an open dialogue with representatives of Korean companies, led by the Korea Trade-Investment Promotion Office.

The companies highlighted the main challenges they encounter in the Egyptian market, while representatives from GAFI, the Central Bank of Egypt, and the Customs and Tax Authorities offered clarifications and discussed available mechanisms to resolve them.

Both sides concluded the meeting by affirming their commitment to continued coordination and maintaining a steady channel of communication.

They said the dialogue marks an important step toward supporting the business community and encouraging the flow of Korean investment into Egypt.

The meeting saw broad participation from Korean companies across electronics and electrical industries, television and mobile phone manufacturing, razor blade production, chemicals and steel, logistics, ready-made garments, power and telecommunications cable manufacturing, and packaging materials.

Companies involved in nuclear energy, natural resource development, international trade, and railway equipment design and manufacturing also took part, reflecting the diverse sectors interested in expanding investment cooperation with Egypt.