The volume of trade exchange between Egypt and South Korea increased to $2.1bn in the period from January to November 2021, according to South Korean Ambassador to Egypt Hong-Jin-Wook.
He added that the volume of trade exchange between the two countries amounted to $1.8bn in 2019 while in 2020 it recorded $1.5bn due to the pandemic.
He also said that Korean exports to Egypt increased, as did the opposite, considering this an indication of the depth of relations.
Hong’s remarks came during a press conference held on Sunday to announce the details of the South Korean President Moon Jae-In’s visit to Egypt, which is scheduled to be on 20 January as part of his three-country Middle Eastern tour that will begin with the UAE and Saudi Arabia.
The ambassador also revealed the schedule of President Moon’s visit, where he will arrive on Wednesday at Cairo Airport. Then, there will be an official reception ceremony for welcoming the president on 20 January.
Furthermore, Hong said that there will be a summit between the two presidents, followed by a signing ceremony of bilateral agreements between the two countries in several fields. Afterwards, both leaders will hold a press conference that will be attended by the media of both countries. The day will also witness a round table conference between the two countries for green future industries to discuss environmentally friendly industries.
Additionally, the ambassador said that Egypt has a strategic location that combines Europe, Africa, and Asia. Moreover, the Suez Canal, which is the most important characteristic of Egypt in the region, makes the country a logistical global hub.
He added: “Samsung and LG have factories in Egypt that produce products that have a ‘Made in Egypt’ label,” which shows the interconnectedness of the two peoples.
Furthermore, he said that 90% of Egypt’s exports in the field of electronics are produced by South Korean electronics companies working in Egypt.
Hong confirmed that during President Moon’s visit to Egypt, several agreements will be signed in the fields of seawater desalination, renewable energy, developing railways, electronics, and electric cars, and a working group will be formed to discuss a free trade agreement to a broader trade and economic partnership agreement between the two countries.
Additionally, on the side-lines of Moon’s visit, Egypt will be provided with a soft loan of $1bn from Korea to finance various projects.
It is worth noting that President Moon Jae-in’s visit to Egypt is the first of its kind by a South Korean president in 16 years.
The ambassador added that the visit comes within the framework of the comprehensive cooperative partnership agreement between the two countries that took place in March 2016 during President Abdel Fattah Al-Sisi’s visit to South Korea, noting that during the years that followed, Egyptian-South Korean relations have significantly been strengthened.
He stressed that Moon’s visit will witness the follow-up of the implementation of the projects agreed upon between the two presidents in 2016.
