Korea-Egypt Hold Industrial Cooperation Seminar on 25th Anniversary of Diplomatic Relations

Expansion of Industry-Specific Cooperation in Infrastructure, ICT, and Automotive Sectors, Discussion on the Necessity and Promotion Strategies of FTA

Jeon Yoon-jong, Director General of Trade Cooperation, Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that it held an industrial cooperation seminar on the 13th at The Plaza Hotel in Seoul to commemorate the 25th anniversary of diplomatic relations with Egypt.

At the seminar, discussions were held on cooperation plans by industry sector and the necessity of promoting a Free Trade Agreement (FTA).

Through the seminar, both sides discussed specific cooperative projects in fields with cooperation demand such as infrastructure, information and communication technology (ICT), and automobiles.

They exchanged various opinions, including exploring ways to expand trade and investment, including FTAs.

Egypt, with a population of 100 million, geographical advantages connecting the Middle East, Africa, and Europe, and FTAs with the European Union (EU) and Turkey, is a country with high potential to become a manufacturing hub for exports to neighboring regions.

If Egypt's geopolitical advantages and abundant labor force are combined with Korea's technological capabilities and capital, and the experience of rapid high growth is also shared with Egypt, it is expected that the two countries can create optimal synergy effects.

On the Egyptian side, Professor Hanafi explained Egypt's trade policy and the effectiveness of concluding the Korea-Egypt FTA.

Professor Gouda presented the prospects of Egypt's construction sector and major infrastructure projects possible for cooperation between the two countries.

On our side, the Korea Institute for Industrial Economics and Trade and the Korea Automotive Technology Institute gave presentations on the industrial structure of the ICT industry and automobile sector and cooperation plans between the two countries.

Jeon Yoonjong, Director of the Trade Cooperation Bureau, said, "Despite the COVID-19 crisis, we successfully held the completion ceremony of Egypt's largest oil refinery constructed by our company last September, and discussions on the FTA between the two countries are actively underway," adding, "Let us expand successful cases of investment cooperation between companies and grow together as sustainable trade partners."

An official from the Ministry of Trade, Industry and Energy stated, "We plan to continue efforts to activate trade and investment between the two countries through discovering Korea-Egypt cooperative projects and promoting joint FTA research."

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