South Korea eyes boosting water industry ties with Egypt

Ahram Online , Tuesday 31 Oct 2023

The Korea Trade-Investment Promotion Agency (KOTRA) is holding a conference and business meetings in Cairo on November 1 to strengthen cooperation in water industry development between South Korean and Egyptian companies.

Egyptian and Korean flags. Shutterstock.
Egyptian and Korean flags. Shutterstock.


According to a statement on Tuesday, the events are organized together with the South Korean Embassy and Korea Water Partnership, with a delegation of 10 South Korean water industry companies in areas including membranes, steel pipes, ultrasonic flow meters, blowers, water meters, pipe networks, sludge collectors, drainage systems, water treatment, valves, and actuators.

The conference and meetings will discuss enhancing project cooperation with relevant Egyptian ministries and authorities, including the Ministry of Housing and Utilities, the Ministry of Environment, the Holding Company for Water and Wastewater (HCWW), and the Construction Authority for Potable Water and Wastewater (CAPW).

KOTRA will also arrange one-on-one meetings between the Korean companies and around 20 major Egyptian firms.

On November 2, the delegation will visit the El-Gabal El-Asfar Wastewater Treatment Plant, the world's largest in capacity, to encourage investments.

The sixth edition of Cairo Water Week kicked off on Sunday under the theme "Action on Adaptation in the Water Sector for Sustainability," under the auspices of President Abdel-Fattah El-Sisi.

Strengthening Egyptian-Korean ties

Egypt's Minister of International Cooperation, Rania Al-Mashat, has held talks with the director-general of the Korean Economic Development Cooperation Fund (EDCF) responsible for Africa.

The EDCF is a dedicated arm of the Korean EXIM Bank set up in 1987 to support partner countries' economic and social development through concessional financing.

Al-Mashat said the resident representative would boost cooperation, especially as Korea wields influence over many successful Egyptian projects aligned with national goals of sustainable economic, social, and environmental development.

The minister also praised cooperation achievements and Korea's classification of Egypt as a priority partner for development aid until 2025. She stressed the importance of collaboration for development and prosperity through projects supporting Egypt's sustainable development targets.

Egypt and South Korea have been economic partners even before establishing diplomatic ties in 1995. KOTRA opened an office in Cairo in 1974 to promote bilateral trade and investment.

2022 trade volume reached $3.1 billion, the second highest ever, led by a 705 percent surge in Egypt's natural gas exports to Korea.

Other exports include sugar cane waste, minerals, textiles, and cement. Korea exports autos, resins, semiconductors, and petrochemicals to Egypt.

As of end-2022, South Korea's cumulative Egypt investments hit $817 million. Around 40 Korean companies like Samsung, LG, and Hyundai operate in Egypt, some as a regional base.

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