- Egypt's former governor invited Korean firms to bridge Egypt's chemical and fiber gaps.
- He highlighted tires, recycling, and solar energy as key areas.
- Equal joint ventures and surplus energy boost Egypt's investment appeal.
Mostafa Kamel Abdel Basset Mostafa Hadhoud, former governor of Egypt's Beheira Governorate, encouraged South Korean firms to enhance industrial collaboration in manufacturing and chemicals.
“We import $25 billion worth of chemicals each year. South Korea is very advanced in this industry,” said Hadhoud, speaking to The Korea Herald in Seoul on Friday.
Hadhoud states that Egypt locally generates just 25,000 metric tons of fiber, yet its overall requirement is 450,000 tons.
“Korean companies produce some of the best synthetic fibers, like acrylic, which resembles natural silk,” Hadhoud said, commending the bridging of demand and supply.
Hadhoud recognized the affordability of Chinese and Turkish companies but emphasized a preference for Korean firms because of the nation’s advanced manufacturing capabilities and solid expertise in chemicals, polymers, and high-tech sectors, evident in projects throughout Asia.
Hadhoud also recognized tires, fiberglass, recycling, and solar energy as further areas for collaboration. Egypt spends $2.3 billion annually on tire imports, and manufacturing a mere one-third domestically could offer a considerable investment and expansion chance, he noted.
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The ex-governor promoted Korean investment via equal joint ventures with Egyptian companies, emphasizing the Arab Organization for Industrialization and previous partnerships with Hyundai.
“Samsung has a big factory in Beni Suef … LG also has a huge factory in the Tenth of Ramadan City. These two companies are successful examples of Korean investments in our country,” he said.
Hadhoud urged Korean companies to “look beyond the Gulf” and consider Egypt as a strategic investment destination. “Today, our energy (electricity) production is 53 gigawatts … we have a surplus,” he said.
“Korean companies should not focus only on Saudi Arabia and the UAE. … They are welcome in Egypt,” he mentioned, proposing collaborative projects and development funds such as EDCF to alleviate investment apprehensions.