Dr. Mohamed Maait, Minister of Finance, confirmed that the size of the Egyptian economy has tripled in 6 years, in a way that reflects the government’s success in directing development funds to real investments, feasible projects and initiatives that contributed to improving financial performance indicators during the fiscal year ending in June 2022.
The Minister of Finance continued: We recorded the highest growth rate since 2008 at 6.6% of GDP compared to a global average of 3.2% for emerging economies, and we achieved a primary surplus for the fifth year in a row at a value of 100 billion pounds and 1.3% of GDP, while the budget deficit decreased from 13 % in the 2012/13 fiscal year to 6.1% in the last fiscal year, despite the current global challenges and the severe repercussions they impose on various international economies.
The minister added: We are ready to overcome all obstacles to stimulate local and foreign investments, including strengthening the Egyptian-Korean partnership to maximize Egyptian production and export capabilities, and provide more job opportunities.
In his meeting with South Korean Ambassador Hong Jin-wook, representatives of the Korean Businessmen Association in Egypt, the office of the Korean Agency for the Promotion of Trade and Investment “KOTRA” in Cairo, the Korean community and the sub-council in Cairo of the Association of Korean Traders Abroad, the Minister referred to the distinguished bilateral relations between the two countries, stressing his keenness to support Korean companies operating in Egypt; In order to encourage it to expand its investment activities, the minister invited his South Korean counterpart to attend the “Finance Day” meetings on the sidelines of the climate summit in November.
Ambassador Hong Jin-wook expressed his appreciation for the efforts of the Minister of Finance in encouraging and facilitating the investments of Korean companies in Egypt. between the two countries during the coming period, noting that the trade balance between the two countries tends to balance as a result of the increase in Egyptian exports.
Representatives of companies and the Korean community thanked Dr. Mohamed Maait, Minister of Finance, for this meeting, which contributed to increasing their awareness of the Egyptian government’s policies that support business and stimulate foreign investments.
The meeting was attended by Amjad Mounir, Senior Assistant Minister for Public Treasury and Executive Affairs, Dr. Mona Nasser, Assistant Minister for Follow-up, Project Management and Customs Development, El Shahat Ghatouri, Head of the Customs Authority, Mohamed Adel, President of the General Authority for Government Services, Ambassador Dr. Hossam Hussein, Advisor to the Minister for External Relations, and Nasreen Lashin, Head of The Investors Support Unit, Alaa Abdel Rahman, Assistant Minister for International Relations, and Doaa Hamdy, Head of the Foreign Relations Unit.