Korea’s investments in Egypt exceed $800M

CAIRO - 16 October 2023: The Ambassador of South Korea to Egypt, Kim Yonghyon, announced that the volume of bilateral trade between Egypt and Korea reached $3.2 million in 2022, along with the total volume of Korean investments in Egypt exceeded $800 million.

Within the scope of enhancing Korean investment in Egypt, The Korean Embassy in Egypt held a Korean Business Support Council seminar to support Korean companies operating in Egypt and to explore avenues for enhancing economic cooperation between the two countries.

The meeting was attended by prominent figures of Egypt from the Suez Canal Economic Zone Authority (SCZone), the Industrial Development Authority (IDA), and the Industrial Modernization Centre (IMC), and Korean companies.

The Korean ambassador confirmed that Egypt is the most important partner in economic cooperation in the Middle East and Africa.

Yonghyon commended the Egyptian government's efforts to support Korean companies and improve the investment environment. He expressed his belief in the potential for collaboration between the two nations across various sectors, including high-tech industries, green industries, energy, and infrastructure.

The Ministry of International Cooperation and the Korean Embassy signed a development financing agreement worth $460 million. This agreement aimed to facilitate the manufacturing and supply of 40 train units for Greater Cairo metro lines 2 and 3.