Korean Investments in Egypt Exceed $800 Million: AmbassadorSource: www.export-egypt.com 10/15/2023, Location: Africa |
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The Korean investments in Egypt exceeded $800 million, while the bilateral trade recorded $3.2 million during 2022, said the Ambassador of South Korea to Egypt Kim Yonghyon.
The Korean embassy held a seminar to explore opportunities for investment and cooperation in various sectors between both countries, according to an official statement. The seminar was attended by major Egyptian entities such as the Suez Canal Economic Zone Authority (SCZone), the Industrial Development Authority (IDA), and the Industrial Modernization Centre (IMC), along with major Korean companies. Yonghyon explained that the Egyptian government’s recent efforts have encouraged Korean companies to boost investments, increasing their confidence in the economy. “Egypt is Korea's important economic partner in the Middle East and Africa,” he added. He highlighted that both countries cooperated in several sectors, including high-tech industry, green industries, energy, and infrastructure. In June, Egypt's Ministry of International Cooperation signed a $460 million deal with the Korean Economic Development Cooperation Fund (EDCF) to implement a project for co-manufacturing and providing trains for Cairo underground metro lines 2 and 3. Egypt’s exports to Korea reached an all-time high of $1.69 billion, recording an increase of 161 percent in 2022 year-on-year, according to a report released earlier this year by the Cairo office of the Korea Trade-Investment Promotion Agency. |
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