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  • Thursday, 04 April 2024

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Meets with the Korean Ambassador to Egypt on Further Development of Joint Economic Relations

● Discussing the 2024 Korea-Africa Summit scheduled to be held to strengthen the strategic partnership between South Korea and the continent

The Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat met with Mr. Kim Yonghyon, Ambassador of the Republic of South Korea to Egypt, at the headquarters of the Ministry of International Cooperation in the New Administrative Capital, as part of the meetings H.E. is holding with multilateral and bilateral development partners, to further develop joint economic relations, reflecting on continuing efforts to develop development cooperation frameworks.

At the beginning of the meeting, the Minister expressed Egypt’s appreciation for the joint economic relations with South Korea, which reflect the depth and strength of relations between the two friendly countries, as the development of these relations was reflected in the visit of H.E. President Abdel Fattah El-Sisi to South Korea, and the choice of Egypt as a strategic partner at the level of development cooperation plans for the period from 2022-2026, which will enhance efforts to develop joint relations between the two countries to meet the requirements and priorities of development in Egypt.

During the Korean President's visit to Egypt in January 2022, Egypt and South Korea signed a memorandum of understanding worth $1 billion within the framework of development cooperation between the two countries, including financial cooperation with the Korea Economic Development Cooperation Fund (EDCF) from 2022 to 2026.

The two sides discussed various aspects of enhancing joint cooperation and increasing investments by Korean companies in implementing national projects in Egypt, especially infrastructure, energy, industry, railways, and technology. They also stressed their renewed commitment to strengthening and developing bilateral relations between the two countries in all fields, and keenness to build a better future for both countries.

In this regard, the Minister highlighted the government’s readiness to provide all forms of support to achieve the success of these projects, enhance bilateral cooperation between the two countries, and motivate Korean companies to increase their investments in Egypt.

For his part, the Korean ambassador applauded the joint relations with Egypt, pointing to the efforts made by the government to encourage more Korean companies to invest in Egypt. He also affirmed his support for these efforts in light of Egypt's great position that makes it a gateway to the continent of Africa.

The two sides also touched on the Korea-Africa Summit, which is a new initiative launched by South Korea to support cooperation with the continent in light of global challenges, especially in terms of food security, climate challenges, and supply chain problems, especially given Egypt’s strategic position in the continent. The Korean ambassador confirmed his country’s endeavor to launch a strategic partnership with the continent of Africa based on three pillars: enhancing trade and investment to achieve economic development, confronting global challenges such as climate change and food security, and promoting peace, security and cooperation in international forums.

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. Moreover, soft development funds vary in the fields of railways, manufacturing of metro train cars, programs for transferring expertise and knowledge, and programs for developing the capabilities of government cadres.