Egypt’s trade exchange with South Korea up 46.9% in first ten months of 2021 to $1.8 bln
Trade exchange between Egypt and South Korea increased by 46.9 percent in the first ten months of 2021 to record $1.8 billion, up from $1.2 billion in the corresponding period of 2020, which mainly included oil products, cement, granite, aluminum, ready-made garments, machines and equipment, in addition to autos and medical devices, Egypt's Minister of Trade and Industry Niven Gamea stated on Sunday.
During the same period in 2021, Egypt’s exports to the South Korean market rose by 62.3 percent to reach $531.5 million, up from $327.5 million during the same period in 2020, Gamea said during a virtual meeting with her South Korean counterpart Yeo Han-koo.
During the meeting, Han-koo told Gamea that South Korea is keen on boosting cooperation with Egypt in trade, investment, industry, energy, and health sectors, particularly the COVID-19 confrontation.
Han-koo also expressed his country’s appreciation of the great success Egypt has made through its economic reform programme, which enabled the country to attain a 3.6 percent of GDP growth in 2020 despite the significant challenges placed by the pandemic.
Moreover, the South Korean minister requested Egypt’s support to the South Korean’s bid to host Expo 2030 in Busan city, which is scheduled to be held from 1 May to 31 October 2030.
The meeting also explored the paths meant to enhance the joint cooperation in fields of energy and environment, in addition to localising electrical vehicles in the Egyptian market and bringing the Egyptian agricultural products to the South Korean market.
Gamea told Han-koo that South Korea is one of the most important trade partners to Egypt in the East and South East Asia region.
She added that Egypt’s state is eager to develop and improve the economic cooperation relations with South Korea based on the unique political relations between the two countries.
In October, Egypt’s Parliament Speaker Hanafy Gebaly and his South Korean counterpart Park Byeong-Seug announced that a parliamentary friendship association to be established between the two countries based on the friendly relations between the two sides and keenness of the leaders of the two countries to push these relations forward at all levels.