- The meeting included a review of the Korean side’s requests and proposals
Dr. Mohamed Farid Saleh:
- Directed that the most feasible opportunities be studied, while emphasizing the continuity of cooperation with the Korean side
- Proposed the establishment of joint technical schools to transfer Korean technology in the automotive industry
- Called for studying mechanisms to attract Korean pension funds to the Egyptian Exchange and to open representative offices for major investment banks.
- Proposed inviting the Korea Trade Insurance Corporation (K-SURE) to open a representative office in Egypt to support trade flows
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade (MIFT), chaired a meeting of the working group concerned with the Egyptian Korean economic relations file, in the presence of representatives from the relevant ministries and government bodies.
The meeting addressed the review of economic cooperation targets and the discussion of proposed responses to the Korean side’s requirements, in a manner that ensures maximizing the benefits of the strategic partnership between the two countries.
Participating bodies included: the International Cooperation Sector of the Ministry of Foreign Affairs, Emigration and Egyptian Expatriates Affairs; the Arab Organization for Industrialization; the Ministries of (Industry, Transport, Communications and Information Technology, Electricity, Education, Higher Education, Civil Aviation, Petroleum); the Grand Egyptian Museum; in addition to sectors of the MIFT (the Commercial Representation, the General Authority for Investment and Free Zones (GAFI), and the General Organization for Export and Import Control( GOEIC)), the Suez Canal Authority Economic Zone (SCZONE), the Nuclear Materials Authority (NMA), the Financial Regulatory Authority (FRA), and the Egyptian Exchange (EGX).
During the meeting, Dr. Farid emphasized the need to move from a general framework to specific projects and directed the preparation of an urgent technical study to identify investment opportunities and the sectors most ready for immediate implementation.
The Minister further stressed the importance of sending a strong message to the Korean side affirming the continuity of cooperation and Egypt’s commitment to removing all obstacles facing joint investments.
In the context of deepening local manufacturing, the Minister proposed the establishment of joint training schools specializing in technical education in cooperation with the Korean side, with a particular focus on the automotive industry.
He noted that this approach aims to develop qualified Egyptian cadres capable of absorbing advanced Korean technology and linking scientific research with the actual needs of industry.
At the level of capital markets, the Minister tasked the Financial Regulatory Authority (FRA) and the Egyptian Exchange with studying a proposal to invite Korean pension funds to invest in the Egyptian Exchange through cooperation with local investment banks.
The proposals also included efforts to attract leading South Korean investment banks to open representative offices in Egypt, serving as a key pillar in supporting and directing Korean investments toward national projects.
In a step to enhance trade flows, Dr. Farid directed that the possibility of inviting the Korea Trade Insurance Corporation (K-SURE) to open a representative office in Egypt be studied, noting that the agency’s presence would provide the necessary guarantees for Korean exporters and investors, thereby increasing trade exchange rates and encouraging Korean companies to adopt Egypt as a regional hub.
At the conclusion of the meeting, the Minister instructed that a unified response template be circulated to all participating entities, enabling them to submit their final responses and technical proposals accurately, to ensure the formulation of a coherent and integrated Egyptian position to be presented to the Korean side in the upcoming period.
