Korea will increase infrastructure investments in Egypt to$3bn in the next few months, Korea’s Minister of Trade, Industry and Energy Joo Hyunghwan has announced.
According to Korea’s Minister of Trade, Industry and Energy Joo Hyunghwan this came after the two countries signed a working together deal to empower the growth of both economies to the next level.
Hyunghwan said, during the opening ceremony of the Egypt Korea Business Forum on Thursday, that there are efforts between Egypt and Korea to achieve this goal and to increase the volume of trade exchange between the two countries.
Tarek Kabil, Egypt’s minister of trade and industry, signed on the sidelines of the forum a protocol of cooperation with the Korean minister of industry to support small and medium industries.
The Commercial Annex of the South Korean embassy in Cairo also signed a cooperation protocol with the Cairo Chamber of Commerce to increase the volume of trade exchange between the two countries.
The forum was attended by representatives from 75 Korean companies, most notably Hyundai Motor, Samsung, and GS Construction, as well as the Businesswomen Association and Investors Association.
According to Kabil, Korean companies taking part in the forum seek to explore the Egyptian market, especially in the areas of small and renewable energy.
“Egypt is one the countries in Africa we cant ignore and we look forward to ensure we invest heavily on the same and give each sector support” he added
He added that the infrastructure sector would get the largest share as its key in any developing nation and he said he expects the country to implement all projects that have been identified.
Currently Egypt has geared more into development and is looking forward to have a sustainable economy in the next few years.