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Daily News Egypt
13-04-2025
- Business
- Daily News Egypt
Egypt, South Korea mark 30 years of deepening ties in trade, investment and defence
Egypt and South Korea today commemorate 30 years of diplomatic relations, marking a period of significant growth in trade, investment, and defence cooperation. This anniversary, which falls in April 2025, provides an opportunity to reflect on the evolution of a partnership that has expanded from initial consular ties to a comprehensive cooperative framework. The relationship, formalised on 13 April 1995, followed the establishment of consular relations in 1961, with the opening of South Korea's consulate general in Cairo in 1962 and Egypt's in Seoul in 1991. The period since 1995 has seen the institutionalisation of cooperation through agreements and joint committees, including the Political Consultations Committee (1996) and the Joint Committee in communications and technology (2004). Trade Dynamics Bilateral trade volumes have fluctuated, with recent data indicating $2bn in 2023, down from $3.2bn in 2022. Discrepancies exist between reported figures, with Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) reporting $3.9bn in 2022. Trade balances have also varied, with Egypt achieving a surplus in 2022, but data from the Observatory of Economic Complexity (OEC) showing a deficit favouring South Korea in 2023. Egypt's primary exports include fuel and mineral oils, food industry waste, and stone and cement products. South Korea's exports to Egypt consist of plastics, vehicles, machinery, and electrical appliances. Ongoing feasibility studies for a bilateral free trade agreement and a memorandum of understanding on customs cooperation aim to further enhance trade. Investment Landscape South Korean investments in Egypt, totalling nearly $800m, focus on manufacturing, transportation, chemicals, and energy. Major investments include Samsung Electronics' manufacturing facility and Hyundai Rotem's involvement in the Cairo Metro. South Korea has also increased its soft loan pledge to Egypt from $1bn to $3bn. Egyptian investments in South Korea are comparatively lower. Bilateral investment treaties and double taxation avoidance agreements, alongside Egyptian incentive packages, facilitate investment flows. Defence and Security Cooperation Defence cooperation has become a key pillar of the relationship, with a $1.66bn deal for Egypt's acquisition of K9 Thunder self-propelled howitzers from Hanwha Defense, including technology transfer and local manufacturing. Hanwha Systems is also exporting fire command systems to Egypt. Discussions are ongoing regarding the potential sale of KAI FA-50 light fighter aircraft. Agreements on defence industry cooperation and logistics support, alongside joint research and development, underscore a deepening strategic alliance. Egypt aims to modernise its military and diversify arms procurement, while South Korea views Egypt as a strategic gateway for defence exports. Diplomatic Engagements and Cultural Exchange Official statements and high-level visits, including President Moon Jae-in's visit to Egypt in 2022 and President Abdel Fattah Al-Sisi's visit to South Korea in 2016, have strengthened bilateral ties. Egypt's participation in the Korea-Africa Summit in 2024 further solidified its strategic importance to South Korea. The growing popularity of Korean culture in Egypt, supported by the Korean Cultural Center in Cairo, fosters people-to-people connections. Egypt's strategic location and alignment with South Korea's expertise in smart infrastructure and digital governance further enhance the partnership. The 30th anniversary highlights the robust and evolving relationship between Egypt and South Korea, with potential for further growth in key sectors and continued collaboration on regional and global issues.
Gulf Today
29-01-2025
- Business
- Gulf Today
UAE President, Hungarian PM discuss ways to boost relations
President His Highness Sheikh Mohamed Bin Zayed Al Nahyan on Wednesday welcomed Viktor Orbán, Prime Minister of Hungary, who is on an official visit to the UAE. During their meeting at Qasr Al Shati in Abu Dhabi, Sheikh Mohamed and the Hungarian PM discussed the growth of bilateral relations and ways to enhance cooperation, particularly in the economic, trade, investment, and development sectors, as well as technology, infrastructure and renewable energy. Their discussions focused on fostering sustainable development in both countries and meeting the aspirations of their peoples for continued progress and prosperity. His Highness reaffirmed the UAE's commitment to strengthening bilateral ties, especially in the fields of economy, trade, investment, and renewable energy, among others that contribute to the development of both nations. He highlighted the important role played by the UAE-Hungary Joint Economic Committee and the Political Consultations Committee in enhancing these relations and reiterated the UAE's commitment to working together to expand cooperation across various sectors. The Hungarian Prime Minister thanked Sheikh Mohamed for the warm welcome and reaffirmed Hungary's strong commitment to strengthening ties with the UAE, highlighting the shared goal of fostering economic growth and prosperity in both countries. Sheikh Mohamed and Viktor Orbán also witnessed the announcement of Memoranda of Understanding (MoU) and agreements in various fields, including education, investment, and renewable energy development, aimed at broadening the scope of cooperation. The MoUs were exchanged by Sheikh Abdullah Bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade. The meeting was attended by Sheikh Abdullah Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Hamdan Bin Mohamed Bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohamed Bin Hamad Bin Tahnoon Al Nahyan, Adviser to the UAE President; Ali Bin Hammad Al Shamsi, Secretary-General of the Supreme Council for National Security; Reem Bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Sarah bint Yousif Al Amiri, Minister of Education; Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Noura bint Mohammed Al Kaabi, Minister of State; Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the National Media Office; Faisal Al Bannai, Adviser to the UAE President for Strategic Research and Advanced Technology Affairs; Mohamed Al Abbar, Chairman of Eagle Hills; and Saud Hamad Al Shamsi, UAE Ambassador to Hungary. The meeting was also attended by the delegation accompanying the Hungarian Prime Minister which included several ministers and senior officials. WAM
TAG 91.1
29-01-2025
- Business
- TAG 91.1
UAE President, Hungary PM discuss boosting ties
President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Wednesday welcomed Viktor Orbán, Prime Minister of Hungary, who is on an official visit to the UAE. During their meeting at Qasr Al Shati in Abu Dhabi, His Highness and the Hungarian Prime Minister discussed the growth of bilateral relations and ways to enhance cooperation, particularly in the economic, trade, investment, and development sectors, as well as technology, infrastructure and renewable energy. Their discussions focused on fostering sustainable development in both countries and meeting the aspirations of their peoples for continued progress and prosperity. His Highness reaffirmed the UAE's commitment to strengthening bilateral ties, especially in the fields of economy, trade, investment, and renewable energy, among others that contribute to the development of both nations. He highlighted the important role played by the UAE-Hungary Joint Economic Committee and the Political Consultations Committee in enhancing these relations and reiterated the UAE's commitment to working together to expand cooperation across various sectors. The Hungarian Prime Minister reiterated Hungary's desire to strengthen ties with the UAE, highlighting the shared goal of fostering economic growth and prosperity in both countries. Sheikh Mohamed and Viktor Orbán also witnessed the announcement of memoranda of understanding and agreements in various fields, including education, investment, and renewable energy development, aimed at broadening the scope of cooperation. The MoUs were exchanged by His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade. The meeting was also attended by high-ranking officials and diplomats from both countries.
Dubai Eye
29-01-2025
- Business
- Dubai Eye
UAE President, Hungary PM discuss boosting ties
President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Wednesday welcomed Viktor Orbán, Prime Minister of Hungary, who is on an official visit to the UAE. During their meeting at Qasr Al Shati in Abu Dhabi, His Highness and the Hungarian Prime Minister discussed the growth of bilateral relations and ways to enhance cooperation, particularly in the economic, trade, investment, and development sectors, as well as technology, infrastructure and renewable energy. Their discussions focused on fostering sustainable development in both countries and meeting the aspirations of their peoples for continued progress and prosperity. His Highness reaffirmed the UAE's commitment to strengthening bilateral ties, especially in the fields of economy, trade, investment, and renewable energy, among others that contribute to the development of both nations. He highlighted the important role played by the UAE-Hungary Joint Economic Committee and the Political Consultations Committee in enhancing these relations and reiterated the UAE's commitment to working together to expand cooperation across various sectors. The Hungarian Prime Minister reiterated Hungary's desire to strengthen ties with the UAE, highlighting the shared goal of fostering economic growth and prosperity in both countries. Sheikh Mohamed and Viktor Orbán also witnessed the announcement of memoranda of understanding and agreements in various fields, including education, investment, and renewable energy development, aimed at broadening the scope of cooperation. The MoUs were exchanged by His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs, and Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade. The meeting was also attended by high-ranking officials and diplomats from both countries.
Emirates 24/7
29-01-2025
- Business
- Emirates 24/7
UAE President receives Hungarian Prime Minister
President His Highness Sheikh Mohamed bin Zayed Al Nahyan today welcomed His Excellency Viktor Orbán, Prime Minister of Hungary, who is on an official visit to the UAE. During their meeting at Qasr Al Shati in Abu Dhabi, His Highness and the Hungarian Prime Minister discussed the growth of bilateral relations and ways to enhance cooperation, particularly in the economic, trade, investment, and development sectors, as well as technology, infrastructure and renewable energy. Their discussions focused on fostering sustainable development in both countries and meeting the aspirations of their peoples for continued progress and prosperity. His Highness reaffirmed the UAE's commitment to strengthening bilateral ties, especially in the fields of economy, trade, investment, and renewable energy, among others that contribute to the development of both nations. He highlighted the important role played by the UAE-Hungary Joint Economic Committee and the Political Consultations Committee in enhancing these relations and reiterated the UAE's commitment to working together to expand cooperation across various sectors. The Hungarian Prime Minister thanked His Highness for the warm welcome and reaffirmed Hungary's strong commitment to strengthening ties with the UAE, highlighting the shared goal of fostering economic growth and prosperity in both countries. His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Excellency Viktor Orbán also witnessed the announcement of memoranda of understanding and agreements in various fields, including education, investment, and renewable energy development, aimed at broadening the scope of cooperation. The MoUs were exchanged by His Highness Sheikh Abdullah bin Zayed Al Nahyan, UAE Deputy Prime Minister and Minister of Foreign Affairs, and His Excellency Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade. The meeting was attended by The meeting was attended by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs; H.H. Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohamed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; Ali bin Hammad Al Shamsi, Secretary-General of the Supreme Council for National Security; Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Sarah bint Yousif Al Amiri, Minister of Education; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Noura bint Mohammed Al Kaabi, Minister of State; Abdulla bin Mohammed bin Butti Al Hamed, Chairman of the National Media Office; Faisal Al Bannai, Advisor to the UAE President for Strategic Research and Advanced Technology Affairs; Mohamed Al Abbar, Chairman of Eagle Hills; and Saud Hamad Al Shamsi, UAE Ambassador to Hungary. The meeting was also attended by the delegation accompanying the Hungarian Prime Minister which included several ministers and senior officials. Follow Emirates 24|7 on Google News.
