Minister of International Cooperation Rania Al-Mashat is leading the Egyptian delegation at the inaugural Korea-Africa Summit in Seoul, representing President Abdel Fattah Al-Sisi.
The summit, hosted by South Korean President Yoon Suk Yeol, brings together 48 African nations to strengthen partnerships and development efforts across the continent.
Minister Al-Mashat is scheduled to participate in the Korea-Africa Summit on June 4th, followed by the Korea-Africa Business Summit, hosted by the Ministry of Trade, Industry and Energy and organised by the Korea International Trade Association, the next day.
The summit underscores the deepening relationship between Egypt and South Korea, which has seen significant progress in recent years, notably under President Al-Sisi’s leadership. His 2016 visit to South Korea and the subsequent visit by the South Korean president to Egypt in January 2022 have spurred advancements in various fields.
Reflecting this growing partnership, South Korea has designated Egypt as a strategic partner for its development cooperation plans in the Middle East and North Africa region for 2021-2025. During the South Korean president’s visit to Egypt in 2022, the two nations signed a memorandum of understanding worth $1bn within the framework of development cooperation for 2022-2026.
South Korea stands as one of Egypt’s key Asian development partners, with economic relations dating back to 1987. The current development cooperation portfolio totals $1.3bn, including $85m in development grants through the Korean International Cooperation Agency (KOICA).
These grants support various sectors, including higher education, vocational training, information technology, government procurement systems, women’s economic empowerment, and combating violence. Soft development funds also contribute to areas like railways, metro train car industry localisation, and knowledge transfer programmes.
