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Korean investments in Egypt exceed $800 million: Ambassador

The Korean investments in Egypt exceeded $800 million, while the bilateral trade recorded $3.2 million during 2022.
16.10.23 | Source: ahram online

The Korean embassy held a seminar to explore opportunities for investment and cooperation in various sectors between both countries, according to an official statement.

The seminar was attended by major Egyptian entities such as the Suez Canal Economic Zone Authority (SCZone), the Industrial Development Authority (IDA), and the Industrial Modernization Centre (IMC), along with major Korean companies.

Yonghyon explained that the Egyptian government’s recent efforts have encouraged Korean companies to boost investments, increasing their confidence in the economy.

“Egypt is Korea's important economic partner in the Middle East and Africa,” he added.

He highlighted that both countries cooperated in several sectors, including high-tech industry, green industries, energy, and infrastructure.

In June, Egypt's Ministry of International Cooperation signed a $460 million deal with the Korean Economic Development Cooperation Fund (EDCF) to implement a project for co-manufacturing and providing trains for Cairo underground metro lines 2 and 3.