President Sisi, Moon discuss Korean investments and trade in Africa through Egyptian companies

 

CAIRO - 20 January 2022: During his meeting with South Korean counterpart Moon Jae-in on Thursday at the Egyptian Presidential Palace in Cairo, President Abdel Fattah El Sisi said that he discussed opportunities for potential partnership between the Egyptian companies operating in Africa and Korean companies, in addition to promoting investment in Africa, especially in the field of infrastructure. 

 

President Sisi added in his speech at a press conference held with President Moon that this cooperation would come in light of  the Continental Free Trade Area to significantly increase “the flow of investment and trade between the African countries and the international community.”

 

“Our meeting, today, crowns our joint efforts over the past period to advance cooperation between the two countries and develop a comprehensive strategy and common vision for different aspects and areas of cooperation, as well as means to push them forward. This confirms our joint political will in this regard, ushering in a new phase of partnership between the two countries,” President Sisi said.

 

President Sisi added that they exchanged views on various regional and international issues of mutual interest. “There was consensus on coordinating the positions of both countries in various international arenas,” President Sisi said.

 

“I would like to express our appreciation for the momentum evident in the bilateral cooperation in various fields between the two countries, as well as our pride in the depth of the Egyptian-Korean relations, which have witnessed remarkable development during the past years,” said President Sisi, adding “I would also like to confirm the importance of working to put into effect the comprehensive cooperative partnership between the two countries in proportion to the capabilities and capacities of the two countries and in the interest of their peoples.”

 

President Abdel Fattah El Sisi also said that they affirmed the importance of continuing the political consultation mechanism between the two countries through the Joint Ministerial Committee for Political, Economic and Technical Cooperation, headed by the two foreign ministers.

 

“I also conveyed our aspiration to attract Korean companies and investments to Egypt, highlighting our readiness to provide all the necessary facilities to create an investment environment for incubating Korean investments and encourage the increase of Korean investments in major development projects and infrastructure projects. This is also in addition to investments in projects in the fields of energy, mining, transportation, and communications and information technology which comes in tandem with the economic reform process carried out by Egypt, the achievements made in this framework, and the positive indicators for the economic future of Egypt,” President Sisi said.

 


“We also agreed on the importance of joint cooperation to support Egypt’s vision that seeks to embark on the Fourth Industrial Revolution, as well as intensify coordination in this context. This shall take place whether through establishing the Korea Advanced Institute of Science and Technology (KAIST) in Egypt or through cooperation between the ministries of communications and information technology in the field of AI in the government, especially as the date for the relocation to the New Administrative Capital approaches. Egypt looks forward to achieving a massive development stride in the near future, similar to Korea’s successful experience,” he added.

 

South Korean President Moon said in his speech that Egypt enjoys important historical and geographical advantages, adding that the comprehensive partnership between Egypt and South Korea enjoys historic momentum.

 

He added that his country shares experience and exchange policies with Egypt to expand the cooperative partnership and promote sustainable development, stressing the importance of moving forward to concluding trade agreements and expanding the horizons of cooperation in eco-friendly transport and marine and space development.

 

“It is my first visit as the President of South Korea in 16 years,” he said, adding that he agreed with President Sisi to look forward to enhancing the partnership in the field of sustainable development and renewable energy.

 

He added that his country would participate in cooperating in dealing with the climate change crisis, particularly amid Egypt’s hosting of COP 27. He noted that President Abel Fattah El Sisi has called upon North Korea to peace dialogue with the North neighboring. 

 

1. Memorandum of Understanding (MoU) to conduct a joint feasibility study on the trade and economic partnership between the two countries.
2. A memorandum of understanding on financial cooperation with the Korean Economic Development Cooperation Fund(EDCF) for the years 2022 to 2026, with a value of $1 billion.
3. A document between the governments of Egypt and South Korea regarding a 251-million-dollar loan from the EDCF to upgrade the Egypt-Luxor-High Dam railway.
4. Mutual letters regarding a non-refundable grant of $7.9 million.