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Egypt, South Korean STX sign MoU to develop Jarjoub port and economic logistics zone

Egypt has recently entered into a memorandum of understanding (MoU) with the South Korean company STX to develop the Mediterranean port of Jarjoub.
29.11.23 | Source: Ahram Online

The MoU was signed by Kamel El-Wazir, Egyptian Minister of Transport, and Sanjun Park, Chairman of the Board of Directors of STX.

El-Wazir emphasized that this MoU forms part of President Abdel-Fattah El-Sisi's vision to establish Egypt as a global center for trade and logistics.

The primary objective of this partnership is to build grain silos at Jarjoub, along with a factory to reassemble used cars from Korea and Japan for re-export to African countries.

Plans also include the construction of an oil pipeline connecting Libya to the port of Jarjoub.

This MoU marks the third significant project within the economic logistics zone. The first project involved the establishment of a grain processing and trading station, while the second project focused on expanding green hydrogen investments.

El-Wazir highlighted Egypt's commitment to the creation of economic zones, which play a vital role in attracting investments and fostering economic growth, particularly in the industrial and logistics sectors.

Given Egypt's strategic geography with shorelines on both the Red and Mediterranean Seas, the country is actively developing its seaports and establishing free zones to attract investments and facilitate import-export activities.