Minister of International Co-operation Rania el-Mashat referred on Friday to what she described as ‘great’ developments in relations between Egypt and South Korea under President Abdel Fattah El Sisi.
These developments, she said, are a reflection of extended historical relations between the two countries.
Minister el-Mashat noted that the agreements Egypt and South Korea signed during the visit of President Moon Jae-in, the first by a Korean head of state in 16 years, came after South Korea’s announcement of Egypt as a strategic partner in development co-operation for the next five years.
She revealed that her ministry would work in coordination with the authorities concerned to prepare a framework for the strategic partnership between the two countries for the next five years.
The framework, the minister said, would lay out the features of future co-operation.
“It will enhance the comprehensive development strategy in Egypt within the framework of Egypt’s 2030 Vision,” Minister el-Mashat said of the framework her ministry would prepare.
“The framework would also enhance the implementation of the Sustainable Development Goals (SDGs),” she added.
Cairo and Seoul signed Thursday multiple agreements and memorandums of understanding in the presence of President Sisi and President Moon.
The agreements and the memos, Minister el-Mashat said, would contribute to the development of many areas of co-operation between the two countries and consolidate bilateral relations in many fields.
The documents signed by the two sides included a memo on financial co-operation with the Co-operation Fund for Economic Development.
The $1-billion memo covers the period between 2022 and 2026 and it will finance projects in various development fields.
Minister el-Mashat said the signing of this memorandum of understanding came within the context of discussions between the two sides to enhance development efforts in priority sectors, such as smart transport, new and renewable energy, and education.
“This memorandum of understanding is expected to enhance national efforts in many priority areas of development during the coming period,” the minister said.
She added that the deals signed with the South Korean side during the visit of President Moon also included a development financing agreement on the modernisation of signalling systems for the Egypt-Luxor-High Dam railway line.
The agreement is worth $251.6 million. It came in addition to a development grant by the Korean International Co-operation Agency worth $7.9 million.
Minister el-Mashat said the agreement and the grant aim to improve the electronic procurement system in Egypt by establishing a public electronic procurement system.
“They will also enhance the capabilities of human cadres and provide technical support to manage and operate the new system,” the minister said.
