The volume of Korean investments in Egypt exceeded $800 million, while the volume of trade exchange between Egypt and South Korea reached $3.2 million in 2022, according to a statement by The Ambassador of South Korea to Egypt, Kim Yonghyon.

In the framework of boosting Korean investment in Egypt, The Korean Embassy in Egypt held a Korean Business Support Council seminar to support Korean companies operating in Egypt and to explore ways of enhancing economic cooperation between Egypt and Korea.

The meeting was held in the presence of key figures from the Egyptian government from the Suez Canal Economic Zone Authority (SCZone), the Industrial Development Authority (IDA), and the Industrial Modernization Centre (IMC), along with major Korean companies.

Yonghyon stressed the prominence of Egypt as economic cooperation partner in the Middle East and Africa.

The Korean ambassador praised the Egyptian government’s effort to support Korean companies and to improve the investment environment. He confirmed the potential for cooperation between the two countries in various fields such as high-tech industry, green industries, energy, and infrastructure.

Earlier in June, The Ministry of International Cooperation and the Korean Embassy signed a development financing agreement worth $460 million to manufacture and supply 40 train units for Greater Cairo metro lines 2 and 3.