(MENAFN- Daily News Egypt) Egypt's General Authority for Investment and Free Zones (GAFI) convened the inaugural meeting of the Egyptian-Korean Business and Investment Development Committee, with the participation of GAFI CEO Hossam Heiba and Hyundo Yi, Commercial Attaché at the South Korean Embassy in Cairo, alongside representatives from several Egyptian government bodies and major Korean companies operating in the country.

The launch of the committee reflects Egypt's commitment, through the Ministry of Investment and Foreign Trade and GAFI, to strengthening its economic partnership with South Korea and resolving challenges facing Korean investors. The platform aims to create a more attractive and stable investment climate through direct dialogue between government institutions and the Korean business community.

During the meeting, Heiba emphasised that cooperation with South Korea is a key pillar of Egypt's strategy to reinforce economic ties. He highlighted GAFI's ongoing reforms to streamline procedures, accelerate licensing, and enhance investor services through the digitisation of all investment-related processes.

Heiba noted that GAFI is finalising a unified digital platform that will provide all investor services, including licences, approvals and electronic tracking of applications, designed to improve transparency, efficiency and reduce human intervention. He added that full procedural reengineering, carried out with an international-Egyptian consortium, will begin in January 2026. This includes expanding the“golden licence” system and improving customs clearance to boost the business environment and attract more foreign investment, particularly from South Korea.

Heiba underscored the importance of direct coordination with all relevant government entities to address challenges facing Korean companies in Egypt. He affirmed that GAFI is closely monitoring these issues and developing an executive plan to resolve them, with priority given to eliminating obstacles and ensuring systematic follow-up to support the expansion and sustainability of Korean investments.

For his part, Yi said the meeting reflects the growing mutual interest in advancing economic cooperation. He expressed appreciation for Egypt's efforts and noted that many Korean companies are successfully operating across key sectors of the Egyptian market. He stressed the importance of addressing investor concerns and fostering a supportive environment for growth and expansion.

GAFI's Investor Follow-up Department presented recent achievements in aftercare services and outlined executive measures taken to improve the business climate and streamline procedures. The overview reaffirmed the state's commitment to supporting existing investors and facilitating their growth.

The meeting also featured an open discussion with Korean companies, led by the Korea Trade-Investment Promotion Agency (KOTRA). Participating firms highlighted the key challenges they face in the Egyptian market, while representatives from GAFI, the Central Bank of Egypt, and the Customs and Tax Authorities responded to these concerns and explained available solutions-underscoring the state's commitment to active engagement and rapid, systematic problem-solving.

Both sides expressed their desire for continued cooperation and regular coordination, agreeing that this constructive dialogue represents an important step toward supporting the business community and facilitating the flow of Korean investments into Egypt in a manner that serves the economic interests of both countries.

The meeting saw broad participation from major Korean companies involved in electronics, electrical industries, TV and mobile phone manufacturing, razor blade production, chemicals, steel, logistics, ready-made garments, power and telecom cables, and packaging materials. Companies operating in nuclear energy, natural resource development, international trade, and railway equipment design and manufacturing also took part, reflecting the depth and diversity of Korean interest in expanding investment cooperation with Egypt.

MENAFN01122025000153011029ID1110420702