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Wednesday, 9 October 2019

20 South Korean companies looking to invest in Egypt

INVESTMENT WATCH- Twenty South Korean multinationals have appetite for Egypt, the Investment Ministry said yesterday in a statement following the Egyptian-Korean Business Council meetings. LG Electronics is looking to invest USD 15 mn in Egypt in 2020, while POSCO wants to build a power transmission plant in the new administrative capital, company officials said on the sidelines of the forum. Samsung is also interested in expanding its production lines of home appliances while Hyundai Rotem is exploring potential investment in Egypt’s railways. The delegation of 20 Korean companies also met with Environment Minister Yasmine Fouad to discuss cooperating on solid waste management infrastructure, according to a cabinet statement. They also met with Finance Minister Mohamed Maait who called on them to invest in heavy industry at the Suez Canal Economic Zone, the Finance Ministry said in a statement. Maait also urged the Korean companies to explore expansion in auto feeder industries as well as in SMEs.

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