South Korean Ambassador to Cairo Kim Yonghyon on Saturday 9/11/2024 praised steps taken by the Egyptian government to attract foreign direct investment.
South Korean companies are interested in investing in Egypt, considering Cairo as a gateway to markets in Africa and the Middle East, the ambassador told MENA during his visit to Alexandria.
Kim described Egypt as an important trade partner for South Korea in Africa and a promising investment and trade destination in the Middle East, with a strong infrastructure that encourages foreign companies to invest.
He added that Egypt is his country’s fourth-largest trading partner in Africa, with a trade volume reaching $3.9 billion, and South Korean investments in Egypt amounting to $900 million in various sectors, notably technology, automotive, and transportation.
The South Korean ambassador expressed his hope to enhance economic, trade, and cultural cooperation with Egypt, especially in areas such as high-tech industries, environmentally friendly industries, and energy.
He expressed his gratitude for the strong support provided by the Egyptian government to South Korean companies, voicing confidence that economic cooperation between the two countries will grow both in quantity and quality in the near future across various fields.
Kim highlighted that the Korean company Hyundai Rotem has signed a contract with the Egyptian Ministry of Transport to upgrade the signaling and communication systems on the Luxor/High Dam train line. Additionally, the same company has won an international tender to develop the Alexandria tram system.
In the field of waste recycling, he said that Egypt has three solid waste recycling plants established in partnership with South Korea in Minya, Gharbiya, and Sohag.
Culturally, the ambassador expressed gratitude to the Egyptian people for their strong support of Korean culture, noting the significant popularity of Korean dramas and cuisine among Egyptian youth, emphasizing the importance of cultural and educational exchange to foster mutual understanding between the two countries.
He also mentioned the opening of a Korean language center at Alexandria University in 2025, which will mark the 30th anniversary of the establishment of diplomatic relations.
