Tarek Suleiman, Managing Director of Smart Technology, announced that the company has signed several agreements with leading Korean companies in the fields of e-commerce, logistics, retail, and information technology. These agreements aim to transfer Korea’s expertise in e-commerce and retail to Egypt, supporting the digital economy, financial inclusion, and value-added services.
The e-commerce market in South Korea is estimated to be worth $2.80 trillion in 2024 and is expected to reach $6.82 trillion by 2029, with a compound annual growth rate (CAGR) of 19.49% during this period.
Smart Technology has achieved significant successes in recent years despite challenging economic conditions. The company participated in reviving and developing Alamein Airport, transforming it into Egypt’s first smart airport. This initiative is part of the national project “Alamein Airport Smart City – The Gateway to the World,” positioning the airport on the tourism and logistics map of Egypt and the Arab world. Its strategic location serves as a key logistics hub connecting Egypt, Africa, and Europe to the rest of the world.
Additionally, Smart Technology contributed to the renovation of Cairo Tower, integrating the latest global technologies to enhance its tourism appeal. The company has also launched various digital applications offering smart transport, delivery, digital payment services, and on-demand services, alongside numerous other projects inside and outside Egypt.
Amid global economic challenges and local market difficulties, Smart Technology has decided to invest $150 million over the next three years, starting in the second half of this year. This investment will support e-commerce, retail, and logistics operations in Egypt. The company will collaborate with major technology and logistics firms from South Korea and other global players, as well as the Land Transport Regulatory Authority and the Consumer Protection Agency, to establish a regulated e-commerce environment.
Smart Technology plans to introduce advanced technology solutions, logistics applications, and establish warehouses and trusted supply chains to serve the sector and link it with Arab and African markets in collaboration with Egyptian companies and institutions.
In recent months, Smart Technology has provided experimental logistics services to identify consumer and merchant challenges and develop optimal solutions for an enhanced customer experience. The company has launched several logistics applications, including **Kemit, Egy Rock, and Naqel**, with more to be announced soon.
Smart Technology has also obtained a **license for domestic and international freight transportation using information technology** from the Land Transport Regulatory Authority. This will allow the company to contribute to organizing e-commerce activities, shipping services within Egypt, and opening new markets that support the Egyptian economy.
Tarek Suleiman highlighted that e-commerce has grown significantly due to global economic crises. When consumers face financial difficulties or economic volatility, they turn to online shopping instead of traditional retail. E-commerce enables customers to search for better deals and compare prices easily, making it an attractive option during financial downturns.
In recent years, e-commerce in Egypt has expanded due to the increased use of the internet, advancements in electronic payment methods, and improvements in delivery services.
According to the **Information and Decision Support Center (IDSC) of the Egyptian Cabinet**, Egypt’s e-commerce market exceeded **EGP 93 billion in 2021** and grew by **30% in 2022** to reach approximately **EGP 121 billion**. These figures reflect recorded transactions conducted through bank wallets, debit and credit cards, rather than the total market size, as a large portion of e-commerce transactions in Egypt remains undocumented within the formal economy.
E-commerce also plays a crucial role in integrating the informal sector into the formal economy, thereby increasing the country’s tax revenues.
