Egypt is keen to enhance economic, trade and investment co-operation with South Korea. This statement by Minister of Trade and Industry Nevine Gamea came during a virtual meeting on Tuesday with South Korean Minister of Trade Yeo Han-koo.
Egypt is eager to benefit from Korean expertise and transfer it to local industry, notably in the technological fields in which South Korea has great experience and competitive edge, Gamea said.
The meeting dealt with advancing co-operation between the two countries and increasing trade exchange and joint investment, Gamea added, pointing out that a study is underway to form a joint working group from the ministries of trade of both countries to discuss strengthening trade and economic partnerships.
Gamea and the South Korean minister reviewed development projects being carried out with the Korean side representing a breakthrough in economic relations.
Discussions also dealt with facilitating the access of Egyptian agricultural exports to South Korean in view of Egypt’s commitment to all international health requirements and standards, which has earned local exports popularity in the European Union, China and Japan.
Trade volume between Egypt and South Korea was worth $1.5 billion in the first half of this year, compared to $796 million in the corresponding period in 2020.
Local exports to the Korean market increased by 11.3 per cent to $247 million compared to $222 million in the same period last year.
Korea has invested $570 million in 181 projects in Egypt in industry, services, construction, communications, information technology, tourism and agriculture.
For his part, Han-koo said his country is keen to strengthen relations with Egypt as a major economic partner in the Middle East and North Africa region.
The Korean government is confident in the performance of the Egyptian economy, which grew 3.6 per cent in 2020, despite the repercussions of coronavirus pandemic at global level.
Meanwhile, Ambassador of South Korea in Egypt Hong Jin-wook paid an official visit to Minister of Tourism and Antiquities Khaled el-Anani to discuss ways to expand co-operation between the two countries in tourism and cultural heritage.
Ambassador Hong also hailed Egypt as one of the South Korean peoples’ favourite tourist destinations.
Korean people have deep affection and respect for ancient Egyptian civilisation, the envoy said.
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