Sangi's 'Korea-Egypt Economic Cooperation' Continues... Online Business Forum Held

Discussion on Bilateral Cooperation in Health, Medical Care, and Transportation Infrastructure

[Asia Economy Reporter Dongwoo Lee] The Korea Chamber of Commerce and Industry (KCCI) announced on the 25th that it jointly held the "Korea-Egypt Online Business Forum" with the Egyptian Businessmen's Association (EBA), a private economic cooperation channel between Korea and Egypt.

This event was planned as a substitute for the presidential economic delegation to Egypt, which was postponed last March due to the spread of the novel coronavirus infection (COVID-19), and discussed cooperation measures between the two countries in the fields of health and medical care, infrastructure, and environment.

Woo Tae-hee, Executive Vice Chairman of KCCI, said in his opening remarks, "Egypt is the fourth largest economy in the MENA (Middle East and North Africa) region after Saudi Arabia, Iran, and the UAE, and has recorded an average economic growth rate of over 5% since 2018, ranking first in the region in terms of economic vitality." He added, "Since July last year, the AfCFTA, the world's largest free trade agreement (FTA) involving 54 African countries, has come into effect, which is expected to further accelerate Egypt's growth."

He continued, "The Egyptian government is promoting the 'Sustainable Development Strategy 2030,' which aims to advance the country into the world's top 30 by modernizing systems and infrastructure environments. Korean companies are participating in major national projects for infrastructure improvement, such as the construction of the new administrative capital and the Cairo Metro." He requested, "There is a need to initiate joint research on an FTA to strengthen economic cooperation between Korea and Egypt, and I hope that both governments and businesspeople will show great interest and support for the FTA."

Magdy El Manzalawy, Director of the EBA Board, said, "Over the past 25 years since the establishment of diplomatic relations between Korea and Egypt, businesspeople from both countries have achieved many results through collaboration." He added, "As Korea leads various industries including advanced fields, I hope that today's forum will have a positive effect in discovering more business opportunities for economic actors from both countries."

Joo Si-bo, CEO of POSCO International and chairman of the Korean side of the economic cooperation committee, emphasized, "During these difficult times worldwide due to COVID-19, let us strengthen international cooperation to overcome challenges," and stressed, "Cooperation is needed to improve the quality of life for both countries through sustainable economic development."

At the forum, the two countries discussed cooperation measures related to COVID-19, including health and medical care, expansion of transportation infrastructure, and environmental waste-to-energy projects.

Kim Jun-hyung, Executive Director of LG International, proposed to the Egyptian health industry authorities, "Based on LG International's overseas network, we have provided optimal solutions from procurement of COVID-19 health and medical products to supply chain management, resulting in visible achievements in new business areas. Let us create more business opportunities through partnership with Egypt in the future."

Kim Jung-hoon, Executive Director of Hyundai Rotem, said, "Despite the COVID-19 situation, we delivered the initial vehicles for Cairo Metro Line 3 within the requested deadline by establishing a rapid remote consultation system with the Egyptian Tunnel Authority, the client, and shortening the approval schedule based on mutual understanding." He added, "Based on this experience, we will actively respond to the COVID-19 situation and continuously create successful cases of infrastructure cooperation."

Regarding the "environmental cleanup project," one of Egyptian President El-Sisi's three major pledges, Joo In-hyun, Director of Overseas Business at JST, proposed, "Currently, 27 provincial governments in Egypt plan to issue projects for establishing and expanding waste treatment plant production lines. Let us continuously discuss cooperation with Korean consortium companies that have excellent technology to drastically reduce waste in Egypt." He also requested practical exchanges with the Egyptian government to concretize future mutual cooperation.

Hong Jin-wook, Ambassador of Korea to Egypt, who attended as a government official, emphasized, "Despite difficult circumstances, the Egyptian government is managing the COVID-19 situation relatively well," and added, "Now is the right time for our companies to utilize Egypt's potential, which includes the clearest economic growth prospects in North Africa and the Middle East, a population of over 100 million, increasing profitability of various natural resources, and its strategic location."

He continued, "The two governments will continue discussions related to the FTA to establish a framework for comprehensive economic cooperation," and said, "Following the successful inaugural meeting of the Korea-Egypt Economic Cooperation Committee held in Cairo last October, I hope that active exchanges between companies of both countries will continue through events such as the online business forum."

Hazim Fami, Ambassador of Egypt to Korea, emphasized, "In the post-COVID-19 era, Egypt and Korea will face not only new challenges but also new opportunities," and added, "Since there are various fields where the two countries can cooperate, we should focus on overcoming the difficulties of challenges and making the most of the given opportunities."

Meanwhile, KCCI plans to regularize the "Korea-Egypt Economic Cooperation Committee" to allow companies from both countries to discuss business opportunities across various industries, and will hold the "Korea-EU Online Business Forum" on July 2.

This content was produced with the assistance of AI translation services.