19 May 2022 04:24 AM


Round Table Meeting of the Egyptian-South Korean Business Conference on Green Economy and the Future

Thursday، 20 January 2022 - 12:00 AM

On Thursday evening, 20/1/2022, the round table meeting of the Egyptian-South Korean Business Conference on the Green Economy and the Future was held in Cairo, in the presence of President Moon Jae-in, President of the Republic of Korea and Dr. Mostafa Madbouly, Prime Minister; in addition to a number of ministers, officials and businessmen from the two countries, to discuss a number of files of future cooperation in various fields.

Dr. Mostafa Madbouly delivered a speech during the activities of the round table meeting, in which he welcomed the President of the Republic of South Korea, on his first visit to Cairo, pointing out that it is also the first of its kind by a South Korean president in 16 years.

He, also, extended his thanks to the Egyptian Businessmen Association (EBA), the Korea Trade-Investment Promotion Agency (KOTRA) and the South Korean Embassy in Egypt for organizing such a meeting, especially in light of the current circumstances taking place in the whole world.

He affirmed that Egypt and Korea are keen on exerting strenuous efforts aiming to further boosting joint economic cooperation.

Dr. Mostafa Madbouly, also, thanked South Korea for handing over medical supplies to Egypt in a bid to support it in its fight against the Covid-19 pandemic.

He pointed out that this visit will contribute to promoting economic cooperation between Egypt and South Korea in fields of trade, industry and technology.

Madbouly indicated that the development experience of the Republic of Korea is one of the most successful development experiences in the world, and the results of this experience were reflected on the performance of the Korean economy, which continued to grow and develop to reach an advanced rank among the major economies in the world, pointing out that Egypt, in turn, seeks to benefit from the diverse Korean experience and expertise in various fields, in a way that benefits its development experience, and promotes common interests and distinguished relations between Egypt and the Republic of Korea.

He added that the economic ties between Egypt and South Korea have seen remarkable progress over the past period, explaining that the volume of trade exchange between Egypt and South Korea witnessed an increase of 53.5%, hitting over $2.2 billion in the period between January 2021 and until November 2021, while the accumulated volume of South Korean investments in Egypt has registered more than $700 million. He, also, highlighted that South Korea owns 181 projects in Egypt in various spheres, including electronics, information technology, construction, renewable energy and transportation.

At the end of his speech, Madbouly affirmed the government's keenness on providing all forms of support and cooperation to expand South Korean investments in Egypt.

He urged the various Korean companies to benefit from the measures taken to improve the investment climate in Egypt, saying that these measures have contributed to keeping Egypt in the leading position in terms of being the largest recipient of foreign direct investments (FDIs), according to a report issued by the United Nations Conference on Trade and Development (UNCTAD) "World Investment
Report 2021".

For his part, the President of the Republic of South Korea Moon Jae-in delivered a speech during the round table meeting of the Egypt-Korea Business Conference on Green Economy and the Future.

At the outset of his speech, Moon Jae-in  thanked Dr. Mostafa Madbouly, Prime Minister of Egypt, for the warm reception. He, also, welcomed businessmen from both sides, expressing his hope that this meeting would be a good opportunity to consolidate the trust and friendship that extended between our two countries over the past years, and to prepare for a bright future for both countries.

The Korean president pointed out that as a result of continuous cooperation since the 1970s, the volume of trade exchange between Egypt and South Korea amounted to about two billion dollars annually, the volume of Korean investments amounted to about 800 million dollars, the number of Korean companies operating in Egypt increased to 33 companies, and the Korean cars are of great interest to Egyptians, which reflects the extent of active economic cooperation between the two countries.

He added: “This is only a beginning, as the Egyptian economy has enormous capabilities that qualify it to achieve progress and development, as young people represent a large proportion of the total population. Egypt also enjoys a distinguished geographical location as well as an abundance of natural resources, and seeks to implement its 2030 vision for sustainable development to embody these potentials and turn it into a reality.”

During his speech, the Korean president indicated that Egypt has succeeded in attracting the largest number of foreign investors during the five years in a row, despite the repercussions of the Corona pandemic, explaining that Egypt will continue its cooperation with South Korea in order to achieve a bright future for the post-pandemic era.

He said: “In this context, I would like to focus on the main axes of economic cooperation. This includes cooperation in strengthening trade exchange and investment; since Egypt is a hub for the global logistics network thanks to the Suez Canal, in addition to the many free trade agreements Egypt has conducted linking it with the African continent, the Middle East and Europe. In this respect, South Korea has a wide network of regional trade agreements as well.

He added that accordingly, the two countries can benefit from these trade agreements to achieve more progress in global markets, pointing out that during his summit meeting with President Abdel Fattah El-Sisi, President of the Republic, a memorandum of understanding was signed to expand the trade and economic partnership between the two countries, expressing his aspiration to Convert the Memorandum of Understanding into a Trade Agreement.

President Moon Jae-in, also, touched on cooperation between the two countries in the field of environment, noting that Egypt will host the COP 27 conference, while South Korea hosted the Partnership for Green Growth Summit. In this regard, the two countries focus on promoting green industries to reduce carbon emissions, expressing his desire to enhance cooperation between the two countries in the field of electric cars and renewable energy, as well as the participation of Korean companies in environmentally friendly infrastructure projects.

At the same time, the Korean President indicated his country’s aspiration to cooperate with Egypt in the field of communications and information technology, describing them as the industries of the future, pointing out that the new administrative capital has a smart city that will become a model for future industries. On the other hand, South Korea enjoys modern technological capabilities, and thus is the best partner for Egypt in the field of digital transformation..

The Korean president concluded his speech with the phrase, “Come on, put your hands in ours…Let’s gather our strength in one force, to step together towards the future of common progress.”

Jose Bo, Chairman of the Korean-Egyptian Business Council, delivered a speech in which he stressed that Egypt is an attractive economic destination due to its geographical advantage linking the Middle East region with Africa.

He added that Egypt, also, enjoys a high economic growth rate, in addition to its openness to the outside world, as well as the presence of the Suez Canal that connects the two continents; Europe and Asia, representing an important channel in stabilizing the global supply chain.

Jose Bo said:” We are working to strengthen economic cooperation between the two countries in order to overcome the repercussions of the Corona virus crisis”, noting that this meeting will contribute to supporting and strengthening economic relations between the two countries.

Eng. Khaled Naser , Chairman of the Egyptian-Korean Business Council (EKBC), delivered a speech in which he stressed that the Egyptian-Korean partnership relations are stable and deep that reflect the consensus of visions and goals of two great peoples.

He also stressed that the Egyptian state, under the leadership of President Abdel-Fattah El-Sisi, President of the Republic, is accelerating time to achieve comprehensive development and the aspirations of the Egyptian people, and for Egypt to occupy the economic position it deserves, noting at the same time that the Egyptian-Korean partnership is an important factor in achieving these ambitions through the transfer of technology and the development of mutual trade between the two countries.

Naser, also, stressed that the goal is to reach a trade and economic integration agreement, which contributes to increasing Egyptian exports, and considering Egypt a platform for the production and export of Korean products.
For his part, Eng. Ali Issa, Chairman of the Egyptian Businessmen Association (EBA) delivered a speech in which he indicated that today's meeting comes to discuss and review areas of joint cooperation between Egypt and South Korea, which contribute to creating more opportunities and work towards achieving a green economy.

He stressed that Egypt is witnessing, nowadays, an unprecedented economic leap, and is taking serious steps towards achieving an integrated economic reform, in addition to a number of decisions that enhance investment, believing in the pivotal role of the private sector, as the largest partner in development operations.

At the conclusion of the activities of the round table, President Moon Jae-in, President of the Republic of South Korea, stressed that although time has passed quickly, he found that there are great areas for cooperation between the two countries, which will be the next targets in the future.

He thanked the businessmen for the success of the existing partnerships between the two sides, stressing that the Korean government will take into account what the businessmen have proposed to strengthen these partnerships and enhance their future prospects, including environmentally friendly fields and future industries, in addition to strengthening economic relations between the two countries.

The activities of the round table meeting of the Egyptian-Korean Business Conference concluded by taking photo ops in honor of President Moon Jae-in, President of the Republic of South Korea, Dr. Mostafa Madbouly, Prime Minister, ministers, officials and businessmen of the two countries.

Statement by H.E. President Abdel Fattah El-Sisi at Press Conference with President of Republic of South Korea
Joint Press Conference with South Korean President Moon Jae-in

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