Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt, Korea Discuss Ways to Enhance Manufacturing Industry Cooperation


Thu 16 May 2024 | 12:38 PM
Yara Sameh

The Embassy of the Republic of Korea in Egypt, in collaboration with the Korea Trade and Investment Promotion Agency (KOTRA), hosted Wednesday the "2024 Korea-Egypt Manufacturing Business Partnership" at the Four Seasons Hotel Cairo at Nile Plaza.

The conference was organized to enhance and support cooperation in the manufacturing sector between Korea and Egypt. Representatives from four Egyptian governmental bodies – the General Authority for Investment (GAFI), Suez Canal Economic Zone (SCzone), National Organization for Military Production (NOMP), and Industrial Development Authority (IDA) – delivered presentations on Egypt's manufacturing investment environment and incentives. 

Additionally, officials from the Ministry of International Cooperation (MOIC), Ministry of Local Development (MOLD), Egyptian Commercial Service (ECS), and Industrial Modernization Center (IMC) attended the event.

25 Korean companies, specializing in electronics, railway vehicles, machinery, electrical equipment, and medical devices, participated either in person or online to explore collaboration opportunities with Egypt in the manufacturing sector.

Korean Ambassador Kim Yonghyon, in his remarks, said that cooperation between Korea and Egypt in the manufacturing sector is mutually beneficial because Korea has world-class competitiveness in manufacturing and Egypt is ambitiously implementing its industrial strategy to become a manufacturing hub in the region. 

He stated that the Korean Embassy, in partnership with KOTRA, will continue to organize business events like today's and facilitate business delegations between the companies of two countries to expand economic cooperation.

Ambassador Kim also noted that a feasibility study for a Korea-Egypt Economic Partnership Agreement (EPA) is being conducted and the EPA would provide an important institutional framework to promote bilateral trade while bringing more investment of Korean companies into Egypt.

Additionally, Ambassador Kim mentioned that Korea will host the inaugural Korea-Africa Summit on June 4th and 5th in Korea, highlighting Egypt's role as a key participant as a leading country in Africa. 

He stated that the summit will set a milestone for Korea and Africa’s path for shaping a future of sustainable co-prosperity as genuine partners and presents an opportunity for expanded cooperation, particularly in the economic sector.

As a follow-up of today’s event, KOTRA will host online 1:1 business meetings on May 21th, in which prominent Egyptian companies such as El-Sewedy Electric, Hassan Allam Construction, and GB Auto will participate to discuss manufacturing cooperation with Korean companies.