Korea, Egypt Discuss Strengthening Future-Oriented Economic Partnership

CAIRO – 19 August 2024: Ambassador Kim Yonghyon of the Republic of Korea in Egypt had a meeting with Egypt's Minister of Finance, Ahmed Kouchouk, on August 19 to discuss ways to strengthen economic cooperation between the two countries.

Ambassador Kim emphasized that Korea and Egypt have cultivated a close economic partnership across a wide range of sectors, including manufacturing investments, infrastructure, nuclear energy, and defense.

He highlighted that the recent positive improvements in Egypt’s macroeconomic situation are expected to open up more opportunities for Korean companies to invest in Egypt in the near future. Ambassador Kim expressed his hope that under Minister Kouchouk's new leadership, the two countries would explore new opportunities that are mutually beneficial, thereby further solidifying their future-oriented economic partnership.

Furthermore, Ambassador Kim proposed enhancing development cooperation between Korea and Egypt. He noted that Egypt is a key partner in Korea's Official Development Assistance (ODA) program, with ongoing collaboration in various fields such as eco-friendly infrastructure for the Suez Canal, railway and metro infrastructure, human resources development, and public procurement.

He also mentioned that during the "Korea-Africa Summit" held last June, Korea raised the Economic Development Cooperation Fund (EDCF) ceiling for Egypt from USD 1 billion to USD 3 billion, further strengthening their development cooperation.

Ambassador Kim highlighted the significant potential for expanding trade and investment between the two nations, expressing confidence that the ongoing joint research on the Korea-Egypt Economic Partnership Agreement (EPA) would deepen economic ties and positively impact Egypt’s economy.

Minister Kouchouk acknowledged Korea as a crucial economic partner for Egypt, noting the unprecedented strengthening of cooperation in recent times. He expressed his hope that more Korean companies would expand their presence and investments in Egypt. Minister Kouchouk also emphasized the importance of close collaboration in key areas such as manufacturing, eco-friendly initiatives, and digital technology to further enhance the economic partnership between the two countries.