Global Courant 2023-04-11 19:05:46
Despite the COVID-19 pandemic and worsening global economic conditions, trading volume between Egypt and South Korea increased by 35 percent year-on-year to $3.15 billion by 2022, South Korea’s ambassador to Cairo, Hong Jin Wook, announced.
Economic cooperation between both nations has become more robust at a time when countries around the world are experiencing economic difficulties due to the global economic downturn, Jin Wook added during a meeting with Egypt’s Finance Minister Mohamed Maait on Sunday.
The two officials discussed Korean companies operating in Egypt and ways to encourage more Korean investment.
Egypt’s exports to South Korea hit a record high of $1.69 billion, up 61 percent year-on-year, amounting to an unprecedented surplus of $220 million for Egypt by 2022, Jin Wook said.
More Korean companies are entering the Egyptian market, he said, adding that this is considered strong evidence that the Egyptian market is very attractive to investors.
South Korea has designated Egypt as a priority country for official development assistance (ODA) in 2021 and is working to expand development cooperation projects that support Egypt’s economic development and contribute to improving the quality of life of the Egyptian people.
In particular, South Korea supports the introduction of e-government in Egypt through the introduction of the e-procurement system.