On behalf of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, Dr. Rania Al-Mashat, Minister of International Cooperation, heads the Egyptian delegation to the Korea-Africa Summit, which is being held in Seoul, South Korea. This includes the participation of 48 African countries, and headed by Yoon Suk Yeol, The President of South Korea, as well as leaders, presidents and heads of government of the countries of the continent.
The Korea-Africa Summit is being held, which is the first multilateral summit between South Korea and African countries, as it seeks to strengthen partnership relations with the countries of the African continent and play a pivotal role in enhancing development efforts on the African continent. The Minister of International Cooperation is scheduled to participate in the Korea-Africa Summit on June 4, followed by the Korea-Africa Business Summit, hosted by the Ministry of Trade, Industry and Energy and organized by the Korea International Trade Association, the next day.
The partnership between the Arab Republic of Egypt and the South Korea reflects the depth and strength of relations between the two countries and their significant development over the past years, especially under the leadership of President Abdel Fattah El-Sisi, who visited South Korea in 2016, followed by the South Korean president who visited Egypt in January 2022. This was greatly reflected in the advancement of partnerships between the two sides in various fields.
South Korea chose Egypt as a strategic partner for the development cooperation plans of the State of South Korea in the Middle East and North Africa region for the period 2021/2025.
During the Korean President's visit to Egypt in January 2022, Egypt and South Korea signed a memorandum of understanding worth $1 billion dollars within the framework of development cooperation between the two countries. The MoU relates to financial cooperation with the Economic Development Cooperation Fund during the period from 2022 to 2026.
It is worth noting that South Korea is considered one of Egypt's most important Asian development partners, as economic relations began in 1987, and the size of the development cooperation portfolio amounts to $1.3 billion, including about $85 million in development grants through the Korean International Cooperation Agency (KOIKA) in the fields of higher education, vocational training, information technology, establishing an electronic system for government procurement, economic empowerment of women, and combating violence. While soft development funds vary in the areas of railways, localization of the metro train car industry, programs for transferring expertise and knowledge, and programs for developing the capabilities of government cadres.