A group photo of the participants of the meeting that witnessed the attendance of Tarek El-Wassimy, Egypt’s Assistant Foreign Minister for Asian Affairs, and Hong Jin-wook, Ambassador of the ROK to Cairo (Photo courtesy of the Embassy of ROK in Egypt)
Korean companies Hyundai Rotem, Doosan Heavy Industries and Samsung C&T have discussed investment opportunities in Egypt and have expressed willingness to take part in the upcoming national projects, a press release by the Embassy of the Republic of Korea (ROK) said.
A meeting between Tarek El-Wassimy, Egypt’s Assistant Foreign Minister for Asian Affairs and Hong Jin-wook, Ambassador of the ROK to Cairo, was held on 20 May at the headquarters of the foreign ministry in Cairo and witnessed the participation of officials from the three Korean companies.
The meeting also witnessed the attendance of representatives from the Ministry of Transportation, Ministry of Health and Population, Ministry of Housing, Ministry of Water Resources and Irrigation, Egypt Business Association (EBA)and the Federation of Egyptian Industries.
Jin-wook expressed his gratitude for the meeting having been a meaningful opportunity to discuss investment options for Korean companies with global competitiveness and relevant Egyptian ministries, as well as his willingness to continue to support Korean companies.
According to the press release, during the meeting, the representatives of the Egyptian ministries presented the priorities of the national projects, while the EBA and Federation of Egyptian Industries presented targeted areas of cooperation with Korean companies.
On the other side, Hyundai Rotem expressed, also during the meeting, their willingness to participate in national projects for localising train manufacturing in Egypt as well as the production of metro trains for lines one and three.
Moreover, Doosan Heavy Industries pointed out their interest of participating in desalination projects in Egypt.
The Korean ambassador emphasised the keenness of the two sides to expand their cooperation and strengthen their partnership across various fields including that of transport infrastructure; health and medical treatment as well as water resources.
The Korean president's visit to Egypt was inevitably postponed due to the pandemic, but is hoped to be rescheduled in the near future, he noted.
Jin-wook also pointed out that he had met with Egypt's Minister of International Cooperation Rania Al-Mashat and they tackled the Korean government’s decision to designate Egypt as the Official Development Assistance (ODA) prior cooperation country for five years, which would allow more financial support and cooperation, as well as the relevant efforts being made to introduce a branch for the Korea Export and Import EXIM bank in Egypt.
The ongoing development finance portfolio between Egypt and South Korea amounts to $473 million covering several sectors, including high education and information technology as well as transportation.