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Egypt touts growing economic ties, infra projects with KoreaBy Sanjay Kumar
Published : July 25, 2023 - 16:46
The Egyptian Embassy in Seoul touted the growing economic ties and infrastructure project deals with South Korea, while marking the country's 71st anniversary of the Egyptian revolution in Seoul on Friday.
Revolution Day, which falls on July 23, celebrates the 1952 revolution that ended the country’s monarchy and marked the country's founding as a modern republic.
Egypt and Korea are leveraging strengths to create opportunities through joint ventures, investments, and knowledge exchange, said Egyptian Ambassador Khaled Abdel Rahman in his remarks at the ceremony.
He mentioned cooperation with the state-run Korea Hydro & Nuclear Power in constructing Egypt's first nuclear power plant.
KHNP secured a contract to oversee the El Dabaa Nuclear Power Plant construction for the Egyptian Nuclear Power Plants Authority. The project entails building four nuclear power plants, each with a capacity of 1,200 megawatts.
He also referred to growing Egypt-Korea defense cooperation to jointly manufacture K9 howitzer artillery vehicles and two multipurpose MPC14K ships.
In 2022, Hanwha Defense signed a contract to export K9 self-propelled howitzers to Egypt, according to the Defense Acquisition Program Administration.
"Egypt’s exports to Korea recorded an increase of 161 percent in 2022 year-on-year, reaching an all-time high of $1.69 billion," the ambassador highlighted, citing Cairo’s Korea Trade-Investment Promotion Agency data.
Meanwhile, Ministry of Foreign Affairs Deputy Minister for Multilateral and Global Affairs Park Yong-min also underlined the growing trade between Egypt and Korea, which hit more than $3 billion in 2022, recording a 50 percent jump compared to 2021.
"Products manufactured in Egypt by Korean companies not only meet the demands of Egyptian consumers but are also exported to neighboring countries, benefiting both Korea and Egypt," said Park, noting the presence of more than 30 Korean companies in Egypt.
He also referred to the Korean government’s designation of Egypt as an Official Development Assistance priority partner for 2021–2025.
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