Egypt, Korea Discuss Investment Opportunities for Korean Companies in Egypt

The Korean ambassador to Cairo Hong Jin-Wook held a meeting with the Assistant of Foreign Minister for Asian Affairs Tarek El-Wassimy for discussing investments opportunities for Korean firms such as Hyundai Rotem, Doosan Heavy Industries, and Samsung C&T in Egypt, a press release issued by the Korean Embassy in Cairo announced on Saturday.

During the meeting, representatives of the Egyptian ministries presented the priorities of the national projects, EBA and Federation of Egyptian Industries presented targeted areas of cooperation with Korean companies. Hyundai Rotem expressed their willingness to participate in the national projects for localizing train manufacturing in Egypt as well as the production of metro trains for line 1 and 3. Doosan Heavy Industries pointed to their interest to participate in desalination projects in Egypt.

For his part, Ambassador Hong pointed that the visit of the Korean president to Egypt was inevitably postponed due to the pandemic, which is hoped to be rescheduled in the near future. He emphasized the keenness of two sides to expand their cooperation and strengthen their partnership across various fields including transport infrastructure, health and medical treatment, and water resources.

The Korean Ambassador expressed his gratitude for making today's meaningful opportunity to discuss investments opportunities for Korean companies with the presence of Korean companies with global competitiveness and relevant Egyptian ministries, and his willingness to continue to support Korean companies. Ambassador Hong also pointed that he had meeting with the Minister of International Cooperation which tackled the Korean government’s decision to designate Egypt as the Official Development Assistance prior cooperation country for 5 years which would allow more financial support and cooperation, as well as the relevant efforts being made to introduce a branch for Korea Export and Import EXIM bank in Egypt.