“Korea, with its state-of-the-art technology, is the optimal partner for Egypt in its digital transition and future growth. Beginning with the letter of intent on electric vehicle cooperation, which will be signed shortly, I look forward to our two countries identifying concrete areas of cooperation in future industries and science and technology fields,” said President Moon Jae-in.
Delivering a speech at Korea-Egypt Business Roundtable for Future Green Industries held in Cairo, Egypt on Jan. 20, 2022, President Moon said, “Korea hopes to pioneer a post-COVID-19 future with this rapidly growing Egypt. To this end, I’d like to emphasize three directions for economic cooperation.
“First is cooperation to strengthen the foundation for trade and investment. With the Suez Canal, Egypt is a global logistics hub and has extensive FTA networks across Africa, the Middle East and Europe. When the RCEP takes effect next month, Korea will also have established an FTA cooperation network with countries whose combined GDP accounts for 85 percent of the world’s total.”
Moon said, “If the two countries’ trade and investment networks are closely linked, we will be able to advance more vigorously into the global market. The summit with President El-Sisi resulted in the signing of an MOU on a joint study into trade and economic partnerships between Korea and Egypt. I hope this will lead to the conclusion of a mutually beneficial trade agreement between our two countries.”
He also said, “Second is eco-friendly cooperation. Egypt – the host of this year’s COP27 – and Korea – the host of last year’s P4G Summit – are at the forefront of the international community’s climate cooperation. Both countries are focusing on fostering green industries to turn low-carbon transitions into an opportunity to create new jobs. As we have the same goal, I also believe the synergy will be enormous.”
Commenting that the third is future industry cooperation, President Moon said, “Egypt placed around 40th in Africa in terms of internet speed in 2019, but its ranking rose to 4th last year, illustrating the country’s rapidly expanding IT infrastructure. Most of all, the new smart administrative capital currently under construction will serve as an opportunity for Egypt to highlight its strengths in future industries.”