INTERVIEW: Egypt gateway to African, European, ME markets for trade, investment: Korea’s KOTRA’s director general
The two events focused on exploring the possibility of boosting cooperation in the “project sector” with the relevant Egyptian ministries and authorities, especially the Ministry of Housing and Utilities, the Ministry of Environment, the Holding Company for Water and Wastewater (HCWW), and the Construction Authority for Potable Water and Wastewater (CAPW).
During the event, Ahram Online interviewed the Director General of Korea Trade and Investment Promotion Agency in Cairo (KOTRA), Sukho Lee, who shed light on the trade and investment ties between the two countries and the importance of such events amid the ongoing challenging economic situation.
South Korea and Egypt have been partners on the economic level since even before the establishment of diplomatic relations in 1995, with KOTRA, which is affiliated with the Commercial Section of the Korean Embassy in Egypt, establishing a presence in Cairo in 1974, 21 years before the establishment of official diplomatic relations, and has been helping with the promotion of trade and investment between both countries.
“The total volume of Korean investments in Egypt has reached around $845 million as of June 2023, pumped by mostly large companies in the manufacturing sector, including Samsung Electronics, LG Electronics, and Hyundai Rotem”, Lee told Ahram Online.
He added that around 40 Korean companies are actively operating in the Egyptian market.
On the future steps of the Korean companies in Egypt, Lee told Ahram Online that some Korean companies consider Egypt a gate to the Middle East and Africa, taking advantage of the strategic location of Egypt and its extensive Free Trade Agreements (FTAs) network.
“I think the future of cooperation between our two countries is promising, and both countries have strengthened cooperation in many fields, such as politics, economy, defence industry, and culture and have even agreed to establish a comprehensive cooperative partnership in 2016”, according to Lee.