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S. Korea, Egypt agree on infrastructure investment

South Korea and Egypt agreed Thursday to beef up cooperation in infrastructure development worth US$3.6 billion, paving the way for Seoul to make inroads into the fast-growing North African country.

President Park Geun-hye and her Egyptian counterpart, Abdel Fattah el-Sisi, reached an agreement at a summit here, Cheong Wa Dae said.

The presidential office said the two leaders were present for the signing of nine memorandums of understanding calling for Seoul's participation in Egyptian infrastructure projects such as canals and subways.

Seoul will also enhance economic ties, in areas such as the bio-energy industry, with Egypt, which is fast emerging as a key business hub in Africa and in the Gulf region, the office said.

The two leaders will also make an effort to increase the trade volume between the two countries which reached US$2.4 billion last year.

Egypt's president arrived in South Korea on Wednesday for a three-day visit that also includes talks with Prime Minister Hwang Kyo-ahn and local business leaders.

It marks the first visit by an Egyptian president since 1999, when former President Hosni Mubarak came to Seoul.

In 2014, Park met with El-Sissi in New York on the sidelines of the U.N. General Assembly. At the summit, Park expressed her commitment to expanding economic cooperation with Egypt.

On Thursday, Kim Soo-nam, South Korea's top prosecutor also met with his Egyptian counterpart, Nabeel Ahmed Tawfiq Sadek, and agreed to cooperate in counteracting supranational crimes, including terror threats. (Yonhap)

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