CAIRO - 5 June 2024: Egypt and South Korea have established a cooperation portfolio valued at $1.3 billion, reflecting Egypt's determination to strengthen its strategic partnership with South Korea for mutual progress and prosperity. Minister of International Cooperation (MoIC), Rania Al-Mashat, conveyed this statement during her speech at the Korean-African Summit.
The bilateral relationship between Egypt and South Korea is robust and enduring. South Korea, recognizing Egypt as a priority partner, has played a pivotal role in successful projects by providing substantial funding and fostering economic cooperation.
Al-Mashat emphasized the crucial juncture in African affairs at the Korean-African Summit, characterized by intertwined achievements and challenges. While progress has been made in implementing the African Continental Free Trade Area and the 2063 Development Agenda, the continent still faces various obstacles, including political instability, security issues, and economic hurdles.
These challenges encompass internal conflicts, terrorism, illegal migration, and the consequences of the Russian-Ukrainian war. Moreover, climate change, desertification, and water scarcity pose additional threats to food and economic security in numerous African countries.
Egypt is fully committed to playing a pivotal role in addressing these challenges. Under the leadership of President Abdel Fattah El-Sisi, Egypt actively engages in economic, trade, political, and security fronts, as highlighted by Al-Mashat.
The Minister underscored Egypt's dedication to sharing its expertise in infrastructure development with African nations through collaboration with the private sector. An exemplary demonstration of this cooperative effort is the Julius Nyerere Hydropower Station in Tanzania, which showcases the successful contributions of both Egyptian and Tanzanian involvement.
Al-Mashat emphasized Egypt's unwavering commitment to key priorities within the Korean-African partnership.
These priorities encompass supporting development plans, seeking innovative financing solutions, promoting infrastructure projects, enhancing the health sector, attracting investments, linking peace and development, combating terrorism, transferring technology, and monitoring outcomes.
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