Egypt’s exports to South Korea hike by 156%

Egypt’s exports to South Korea hiked by 156%, reaching $766m by the end of July, compared to the same period last year, according to Sukho Lee — Director-General of the Korea Trade Investment Promotion Agency (KOTRA) in Egypt.

His remarks came during an interview with Daily News Egypt (DNE), which touched on the economic cooperation between the two countries in terms of trade and investments.

The KOTRA inaugurated its office in Cairo in 1974; in your opinion, what distinguished the economic relations between South Korea and Egypt?

Since it’s opening in 1974, the KOTRA in Cairo has been endeavouring to promote trade and investment between the two countries. However, formal diplomatic ties were established in 1995. In the early years, relations between South Korea and Egypt were not that active and limited to economic and political areas.

However, the nature of our relations have dramatically changed and deepened in recent years, culminating in the Korean president’s visit to Egypt in January of this year. Nowadays, Korea and Egypt are cooperating in many fields, such as the economy, culture, as well as defence.

During the South Korean president’s visit to Egypt, President Abdel Fattah Al-Sisi affirmed Egypt’s appreciation of its strong relations with South Korea, calling for the fostering of a comprehensive partnership between the two countries for the interests of their peoples.

Al-Sisi also noted that he and his South Korean counterpart agreed on the importance of bolstering cooperation in order to support an Egyptian vision designed to help the country “enter the era of the Fourth Industrial Revolution.”