Egypt and South Korea have signed a joint statement on a proposed comprehensive economic partnership agreement, marking a key step towards launching formal negotiations aiming at deepening trade and investment ties between the two countries.
The statement was signed by Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib and South Korea’s Minister of Trade, Industry and Natural Resources Koo Yun-cheol during talks in Cairo attended by senior officials from both sides.
Delegations led by the two ministers also held discussions on the sidelines of the signing ceremony, focusing on ways to strengthen bilateral trade and investment relations and expand cooperation across sectors of mutual interest.
The talks build on constructive dialogue held late last year, including exchanges on a joint feasibility study and the statement signed on Sunday, El-Khatib said.
The move reflects the strong relationship and shared aspirations between Egypt and South Korea, he added.
El-Khatib welcomed the completion of a joint feasibility study conducted in line with an MoU dating to January 2022, noting that the study confirmed the CEPA as a strategic opportunity to deepen economic cooperation.
The proposed agreement will expand co-operation in investment, technology transfer, industrial development and capacity building, alongside trade liberalisation and tariff reductions, he stressed.
He underlined that Egypt is keen to ensure the negotiations deliver tangible gains in investment flows and productive cooperation, as well as expanded trade, describing the agreement as a catalyst for attracting more Korean investment, particularly into major national development projects such as the Suez Canal Economic Zone.
Egypt is seeking to enhance investment cooperation with South Korea in sectors of priority including high-tech industries, agriculture, renewable energy, transport, infrastructure and manufacturing, with a focus on transferring Korean expertise to the Egyptian market, the minister said.
For his part, the South Korean Minister said bilateral relations have made notable progress despite global challenges.
Egypt’s large domestic market and strategic location make the country an attractive destination for Korean companies, in addition to its being a gateway to Africa and the Middle East markets enhances prospects for industrial and investment partnerships.
Both ministers stressed committment to working closely to ensure the upcoming negotiations lead to a balanced and impactful economic partnership that supports sustainable growth in both countries.
