The announcement came after Hanafy El-Gebaly, the speaker of Egypt's parliament – the House of Representatives – met with Kim Jin-pyo, the speaker of the National Assembly of South Korea on Monday.

The meeting was attended by several members of the Egyptian and South Korean parliaments and the South Korean ambassador in Cairo.

At the beginning of the meeting, El-Gebaly lauded the distinguished and close relations between the two countries.

“We cooperate in many fields, particularly economy, and Egypt is looking forward to enhancing this cooperation to best serve mutual interests,” said El-Gebaly.

He also noted that the economic relations between the two countries have witnessed a big boost in recent years.

"South Korean's investments into Egypt are continuously increasing which positively develops our relations," said Gebaly, expressing his hopes for greater visits of officials between the two countries in the future.

In response, Jin-pyo stressed that Egypt is South Korea's major economic partner in the Middle East and Africa.

"We are aware of Egypt's influential role in this region and we are keen to reinforce relations with Cairo at all levels," said Jin-pyo.

He also expressed his hopes that the formation of the Egypt-South Korea parliamentary friendship association boosts the exchange of parliamentary expertise between the two countries.

Jin-Pyo also noted that South Korea's companies and businessmen are keen to invest in Egypt and contribute to Egyptian national development projects in all fields.

He said that the mutual visits between senior officials in both countries led to a flow of South Korean investments into Egypt, benefitting from the rapid and tangible development occurring in Egypt now.