South Korea hosts forum on Egypt’s tax and customs reforms

The South Korean Embassy in Cairo held a forum on Wednesday to discuss Egypt’s new advance cargo information (ACI) and electronic invoicing systems, as well as Korean business cooperation with the Egyptian government.

The event, titled “Egyptian Government Trade Policy Forum – Recent Customs and Tax Reform Measures”, saw the participation of Korean Ambassador Hong Jin-wook, Egyptian Minister of Finance Mohamed Maait, Deputy Minister of Finances Mona Nasser, Head of Customs Authority El-Shahat Ghaturi and Head of Tax Administration Reda Abdel Qader.

The meeting brought together representatives of the Korean trade and investment promotion organization KOTRA, the Korea International Cooperation Agency (KOICA) and 14 Korean companies, including Samsung Electronics, Samsung SDS and LG Electronics.

Ambassador Hong praised the efforts of the Egyptian government to support and alleviate the difficulties facing Korean businesses in Egypt. He added that the best way to boost Korean investment in Egypt is to showcase the success stories of Korean companies currently operating in Egypt and continue the Egyptian government’s active support for companies to stabilize their business and operations in Egypt.

The ambassador said the meeting is an important gathering that brings together all the key players who are leading the bilateral economic cooperation between the two countries, expressing his hope to hold such meetings on a regular basis to keep the momentum going.

For his part, Minister Maait said the new ACI system and electronic invoice, along with other customs and tax reforms, are aimed at streamlining procedures and making work easier for local and foreign businesses.

Maait stressed her concern to support Korean companies and solve any problems they face with the application of the new systems. He added that the Egyptian government plans to attract more Korean investment to Egypt, which helps create more jobs, increase exports and help Egypt develop.

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