Latest news with #SeeNews
See - Sada Elbalad
18-04-2025
- Business
- See - Sada Elbalad
Egypt close to acquiring FA-50 light combat aircraft from South Korea
SeeNews According to a statement from the Egyptian ambassador to South Korea Khaled Abdelrahman, Cairo is on the verge of concluding a deal with Seoul for up to 100 FA-50 light combat aircraft. The agreement should also include technology transfer. An official from Korea Aerospace Industries (KAI), the jet manufacturer, claimed that this procurement would 'advance the Egyptian aviation industry and strengthen strategic partnerships across Africa and the Middle East'. The fighter, which has 70% commonality with the classic Lockheed Martin F-16, would likely replace ageing Alpha Jets and K-8E trainers. According to industry analysts, Egypt could start by ordering a first batch of 36 aircraft worth around $1 billion, before potentially procuring more. If Cairo finally buys the whole 100, around 70 would be built directly in Helwan, Egypt after KAI signed an agreement in early 2023 with Arab Organization for Industrialization (AOI), an Egyptian state-owned company. Military cooperation between South Korea and Egypt is not limited to this procurement. In 2016, Egyptian leader Abdel Fattah al-Sisi and then South-Korean president Moon Jae-in signed a comprehensive agreement aiming to deepen military and trade cooperation. The result was the gift of a second-hand Pohang-class corvette to the Egyptian Navy in 2017, and a $1.66 billion deal in 2023 for the procurement of around 216 Hanwha K9 self-propelled howitzers, an undisclosed number K10 ammunition resupply vehicles, and 51 K11 fire direction control vehicles. The year 2025 marks the 30th anniversary of the establishment of diplomatic relations between Cairo and Seoul. In recent years, the two countries strengthened a lot their relations. In fact, some Egyptian officials see the South Korean development since the end of the Korean War in 1953 as a path to follow for their nation. On Seoul's side, Egypt is perceived as an investment opportunity for South Korean companies, as well as an entry point for Middle East and North African markets. For example, in August 2022 Korea Hydro & Nuclear Power Company won a $2.25 billion contract alongside a Rosatom subsidiary to build the first Egyptian nuclear power plant in El Dabaa, while Samsung got a 'golden licence' in august 2023 to build a factory in Beni Suef. Written by ADIT – The Bulletin and republished with permission. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
See - Sada Elbalad
28-03-2025
- Business
- See - Sada Elbalad
Infographic: Trade, Economic and Investment Cooperation Between Uzbekistan and EU Countries
SeeNews In the lead-up to the 'Central Asia – European Union' Summit, which will take place on April 3–4, 2025, in Samarkand, the Center for Economic Research and Reforms (CERR) has prepared an infographic reflecting the dynamics of Uzbekistan's foreign trade and investment cooperation with the European Union countries over the past 7 years. Trade and Economic Cooperation In Uzbekistan's foreign trade, the European Union ranks third among trading partners by volume of trade turnover, exports and imports, after China and Russia. In 2024, the share of EU countries in Uzbekistan's foreign trade amounted to: 9.7% in trade turnover, 6.3% in exports, and 12% in imports. Uzbekistan's trade turnover with EU countries from 2017 to 2024 increased 2.4 times from $2.6 billion to $6.4 billion, exports increased 3.6 times from $472.3 million to $1.7 billion, imports increased 2.2 times from $2.2 billion to $4.7 billion. During the period 2017–2024, the share of EU countries in Uzbekistan's total trade turnover slightly decreased from 9.9% to 9.7%, in total exports it increased from 3.8% to 6.3%, and in total imports it decreased from 15.5% to 12%. The decrease in the EU share in Uzbekistan's total imports occurred due to a reorientation of part of Uzbekistan's imports from EU countries to Asian countries. At the same time, the volume of exports to EU countries and its share in Uzbekistan's total exports increased. In 2024 compared to 2023, Uzbekistan's trade turnover with the EU increased by 5.2% from $6.1 billion to $6.4 billion, exports increased by 26.9% from $1.3 billion to $1.7 billion, imports remained unchanged at $4.7 billion. In 2024, Uzbekistan's exports to EU countries amounted to $1.7 billion. The main volume (54%) was chemical products – $877.4 million, including radioactive elements (uranium) – $775.3 million, fertilizers – $95.6 million, various sulfates and carbonates – $2.5 million. In 2024, 86% of all uranium exports, about 27% of fertilizer exports, 5% of textile products and 2.1% of fruit and vegetable products were supplied to EU countries. In 2024, Uzbekistan's imports from EU countries amounted to $4.7 billion. EU countries are among the main suppliers to Uzbekistan of 'machinery, equipment and transport vehicles,' chemical and other industrial products necessary for development. In 2024, about 50% ($2.3 billion) of Uzbekistan's imports from EU countries consisted of 'machinery, equipment, transport vehicles, electrical goods, instruments and medical equipment,' including aircraft (10 units) worth $272.4 million from Germany, France, the Czech Republic and Slovakia. The second major import category from EU countries is chemical products (pharmaceuticals, perfumery, cosmetics and other chemical substances) – $1.2 billion (24.9% of imports). EU countries account for about 16% of Uzbekistan's total imports of 'machinery, equipment and transport vehicles,' including almost all imported civil aircraft, as well as 40% of total pharmaceutical imports. In 2024, the main share of Uzbekistan's trade turnover with EU countries was with: Germany (19.1%), France (17.8%), Lithuania (9.4%), Italy (6.9%), Czech Republic (6.8%), Poland (6%), Latvia (4.5%), the Netherlands (4.2%), Belgium (3.3%), Austria (3.3%), Slovenia (2.8%) and others. Investment Cooperation In 2024, the volume of foreign direct investment and loans from EU countries (including financial institutions of EU countries) increased by 77% and amounted to $4.1 billion (in 2023 – $2.3 billion). At the same time, in 2024 compared to 2017, the annual volume of attracted investments from EU countries increased 18 times (in 2017 – $222 million, in 2018 – $324.1 million). The largest volume of investment in 2024 was attracted from Germany – $1.4 billion, the Netherlands – $1.1 billion, Cyprus – $858.9 million, the Czech Republic – $137.8 million, Italy – $99.8 million, Sweden – $97.5 million, and others. For the period 2017–2024, the total volume of attracted direct investments and loans from EU countries (including from EU financial institutions) amounted to $12.4 billion. About one thousand enterprises with capital from EU countries operate in Uzbekistan, including 201 with German capital. Conclusion The development of economic cooperation between Uzbekistan and EU countries has significant potential and opens up broad opportunities for mutually beneficial partnership. Uzbekistan is interested in attracting European investments and advanced technologies in strategically important sectors such as renewable energy, the chemical and pharmaceutical industries, agriculture and transport logistics. At the same time, European companies gain the opportunity to expand their presence in promising new markets in Central Asia, strengthening their positions in global production chains. Equally important is the active use of the GSP+ beneficiary status granted to Uzbekistan to increase exports of high-quality agricultural and textile products to European markets. Further technical assistance from the EU in certification, digital transformation and WTO accession will enhance the competitiveness of Uzbek goods and services, which in turn will strengthen bilateral trade and economic ties. The entry into force of the new Enhanced Partnership and Cooperation Agreement between Uzbekistan and the EU, as well as the effective use of European financial support programs, could become an important incentive for the sustainable development of Uzbekistan's economy. Promising areas also include joint projects in the field of tourism infrastructure, taking into account the preferences of European tourists, which will ensure growth in tourist flows and contribute to the strengthening of intercultural ties between the parties. Overall, the upcoming summit in Samarkand may become not only a symbolic but also a practically significant step toward a new level of cooperation, based on pragmatism, mutual benefit and a shared commitment to sustainable development. 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See - Sada Elbalad
14-03-2025
- Business
- See - Sada Elbalad
Deputy Minister of Tourism discusses strengthening tourism ties with Egypt and Qatar
SeeNews Deputy Minister of Tourism Kostas Koumis held successive meetings with the Ambassadors of Egypt and Qatar to discuss ways to enhance tourism cooperation between Cyprus and the two countries, according to a press release from the Deputy Ministry. During his meeting with the Egyptian Ambassador, Mohamed Shawky Zaazou, discussions focused on the air connectivity between Cyprus and Egypt, where positive developments have been noted, cruise tourism, and the role of travel agents and tour operators in both countries. Koumis welcomed Ambassador Zaazou, highlighting the various sectors where Cyprus and Egypt could collaborate for mutual benefit, particularly in tourism. He expressed his intention to foster a productive dialogue to leverage opportunities in the industry. For his part, Ambassador Zaazou reaffirmed the historically strong ties between Egypt and Cyprus in trade, economy, and culture and expressed willingness to further enhance bilateral cooperation in tourism. Both sides agreed to maintain open communication to strengthen tourism relations. In a separate meeting with Qatar's Ambassador, Yousef Sultan Laram, Koumis emphasized the importance of the Qatari tourism market for Cyprus and reaffirmed the government's commitment to its further development. He also stressed the need to strengthen cooperation and direct communication in the tourism sector. Ambassador Laram outlined Qatar's tourism objectives, including efforts to expand flight connectivity with Cyprus, which is expected to boost visitor flows between the two countries.
See - Sada Elbalad
01-03-2025
- Politics
- See - Sada Elbalad
EU Expresses Concern over Israeli Military Operation in West Bank
SeeNews Statement by the Spokesperson on the situation in the West Bank The European Union expresses its grave concern about the consequences of the Israeli military operation against armed militants in the refugee camps of the Northern West Bank. The operation, ongoing for 40 days, has resulted in scores of casualties, the displacement of some 40,000 Palestinians from their homes, and the destruction of vital civilian infrastructure. The EU calls on Israel, in addressing its security concerns in the occupied West Bank, to comply with its obligations under international humanitarian law by ensuring the protection of all civilians in military operations and allow the safe return of displaced persons to their homes. At the same time, extremist settler violence continues throughout the West Bank, including East Jerusalem. The EU recalls that Israel, as the occupying power, has the duty to protect civilians and to hold perpetrators accountable. The EU recalls its condemnation of Israel's policy of expanding settlements. Demolitions, including of EU and EU Member States-funded structures, must stop. The EU also expresses concern over the increased number of checkpoints and tighter movement restrictions across the West Bank, which worsen the economic and humanitarian situation there. As we enter the holy month of Ramadan, we call on all parties to exercise restraint to allow for peaceful celebrations. The EU is committed to the security of Israel and condemns all terrorist attacks or attempted terrorist attacks against Israel or Israeli citizens and is committed to the security of Israel. The EU is committed to a just, comprehensive and lasting peace based on the two-state solution, with Israel and Palestine living side by side in peace and security.
