Korea, Egypt Discuss Ways to Strengthen Cooperation in Investment & Trade
On August 19, Ambassador of the Republic of Korea to Egypt Kim Yonghyon met with H.E. Hassan El-Khatib, Minister of Investment and Foreign Trade of Egypt, to discuss measures to expand bilateral cooperation in investment and trade.
Ambassador Kim applauded the Egyptian government's strong efforts to stabilize the macroeconomy, enhance export competitiveness, and improve the investment climate, noting that these developments are sending a positive signal to international investors. He highlighted Egypt's young and talented workforce, strategic geographic location, and access to regional markets as key advantages, emphasizing its potential to become a leading manufacturing and export hub in the Middle East and Africa.
Ambassador Kim stressed that Korea's strengths in manufacturing and advanced technology can contribute to strengthening Egypt's industrial competitiveness and diversifying its economy. He cited Samsung Electronics and LG Electronics as examples, noting their production facilities in Egypt that have contributed to job creation and export growth. He added that an increasing number of Korean manufacturers — including in the textile and apparel sectors — are recently exploring new investment opportunities in Egypt, recognizing the country's strategic advantages as a production base. He expressed hope that such collaboration would develop into a mutually beneficial partnership that promotes growth and prosperity for both nations.
The Ambassador also referred to ongoing cooperation in transportation, energy, and infrastructure, and expressed optimism that the Korea-Egypt Economic Partnership Agreement (EPA), if concluded in the future following the ongoing feasibility study, could further boost bilateral trade and investment, particularly in advanced manufacturing and emerging industries. He also noted that, marking the 30th anniversary of diplomatic relations this year, a Korea-Egypt Economic Cooperation and Partnership Conference is scheduled to be held on September 30 in Cairo, which will serve as an opportunity to further deepen and advance bilateral economic cooperation.
Minister El-Khatib recognized Korea as an important partner in Egypt's economic development and voiced his expectation that Korean companies will expand their investments in the country. He emphasized that their technological strength and global capabilities can make a substantial contribution to enhancing Egypt's industrial competitiveness and creating employment opportunities, and expressed his willingness to work closely with Korea to further advance economic cooperation between the two countries.
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