Invest KOREA

MOTIE-KOTRA held '2024 Korea-Egypt Manufacturing Partnership' in Egypt
Attended by the Egypt's GAFI, NOMP, SCZone

The Ministry of Trade, Industry and Energy (Minister Ahn Duk-geun) and KOTRA (President Yu Jeoung-yeol) held '2024 Korea-Egypt Manufacturing Partnership' in Cairo, Egypt on May 15.

The event, held for the second time following last year, was organized with South Korea Embassy in Egypt (Ambassador Kim Yong-hyon) to support Korean manufacturing companies' expansion into Egypt. Participants included five local manufacturing-related organizations, such as the General Authority for Investment and Free Zones (GAFI), the National Authority for Military Production (NOMP), and the Suez Canal Economic Zone (SCZone), as well as more than 20 officials, including those from Samsung Electronics Egypt and Hanwha Aerospace Egypt.

In Egypt, manufacturing is a key industry that accounts for about 17% of GDP. 50% of the population of more than 100 million people are in their 30s or younger, and labor costs are relatively lower when considering the skill level of workers, so global companies such as △ABB (electrical equipment) △ Siemens (electrical equipment) △ Novartas (pharmaceutical) are operating manufacturing plants in Egypt.

In the first part of the event, the GAFI presented the investment environment and incentives in Egypt under the theme of "Egypt Investment Environment and Opportunities." In the second part, the Arab Organization for Industrialization (AOI), the NOMP, and the Industrial Development Authority (IDA) announced plans for cooperation in the manufacturing industry between Korea and Egypt under the theme of "Egypt's Promising Industry and Plan for Cooperation". Ambassador Kim Yong-hyon, said in a welcoming speech, "With next year marking the 30th anniversary of diplomatic relations between Korea and Egypt, we hope that cooperation between the two countries will be further expanded in the manufacturing sector based on strong economic cooperation". Hossam Heiba, CEO of GAFI, said "We are working closely with the Embassy of the Republic of Korea in Egypt and KOTRA to enhance manufacturing cooperation between Korean and Egyptian companies," adding, "We hope that this event will give more opportunities to establish manufacturing partnerships between companies, in such ways as the transfer of technology and training of talent".

In addition, Shin Jae-hyun, head of KOTRA's Business Center (KBC) in Cairo, said, "Egypt is emerging as a manufacturing hub in the Middle East and Africa based on a population of more than 100 million people, abundant labor and low labor costs," adding that "We will do our best to help expansion of Korean companies in the local manufacturing industry by closely supporting participating companies and discovering partners that meet their needs."



Source: Invest KOREA (2024.05.15.)