South Korean president visits Egypt on Wednesday to discuss business opportunities

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South Korean President Moon Jae-in will arrive in Cairo on Wednesday to hold talks with Egypt on renewable industries such as solar power and environment-friendly industries, as well as the development of railways, cars electricity and seawater desalination.

South Korea’s ambassador to Cairo, Hong Jin-wook, told a press conference on Sunday that the South Korean president’s visit to Egypt will last three days, and there will be an official reception ceremony and a bilateral summit with Egyptian President Abdel Fattah al-Sissi.

The Korean ambassador confirmed that the Korean president will host an Egyptian-Korean roundtable to discuss these opportunities.

Hong explained that the current railway development project between Luxor and Nagaa Hammadi, will be added to the development of the Luxor/High Dam/Aswan line to help Egypt in the vision of 2030 and a decent life initiative.

Egyptian government reports indicate that South Korea is one of Egypt’s most important trading partners in the East and Southeast Asian region, and is an important destination for the transfer expertise and advanced industrial technologies to Egyptian industry.

The latest report published in December on the commercial exchange rates between Egypt and South Korea indicates that during the period from January to October 2021, it achieved an increase of 46.9%, reaching 1.89 billion, compared to approximately $1.28 billion during the same period in 2020.

Egyptian exports to the Korean market achieved a 62.3% increase during this period, reaching $531.5 million, compared to $327.5 million in the same period of 2020.

The most important trade exchanges between the two countries include petroleum products, cement, marble, granite, aluminum, pharmaceuticals, furniture and ready-to-wear, in addition to cars, machinery , equipment, metro cars and medical devices.

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