CAIRO: Egypt is set to host an Egyptian-South Korean joint investment forum from Aug. 26-27 in order to expand mutual cooperation and explore investment opportunities, Minister of Industry and Trade Mounir Fakhry Abdel Nour announced Friday, Masrawy reported.
Forty major South Korean businesspeople, along with a number of Egyptian investors, are scheduled to join the forum, and the Egyptian Commercial Representation Authority is scheduled to sign a cooperation protocol with the Korea Trade-Investment Promotion Agency (KOTRA) during the event.
“Through signing the cooperation protocol, new eras of information exchange, studies, promotion missions and investment fields will be opened,” Abdel Nour said in a statement.
Mohammed Daoud of the Commercial Representation Authority said it had prepared a list of investment opportunities in the automobile, energy, transportation and petrochemical industries to offer to the South Korean business community, Masrawy reported.
In late March, the Korea International Cooperation Agency (KOICA) signed a $1 million grant agreement with the Egyptian Education Development Fund (EDF) to help support a vocational training center, The Cairo Post reported on March 27.
According to the Ministry of Foreign Affairs’ website, Egyptian-South Korean economic relations have boomed in the past few years, and are currently worth $3.1 billion in trade volume. Of this, Egypt exports more than $900 million in goods to South Korea, and imports $2.2 billion in South Korean products.
Despite the past three years of unrest and political turmoil, South Korean investors in 2012 offered to assist Egypt in establishing a nuclear energy plant in Dabaa, and the South Korea-based electronics giant Samsung finished building a 350 million EGP ($50 million) factory in Beni Suef for the manufacture of televisions and monitors in 2013, Masrawy reported.