Despite the COVID-19 pandemic and the deterioration of the global economic conditions, trade volume between Egypt and South Korea in 2022 increased by 35 percent year-on-year to reach US$3.15 billion, South Korean Ambassador to Cairo Hong Jin Wook announced.
Economic cooperation between both nations has become more robust at a time when countries around the world are experiencing economic difficulties as a result of the global economic downturn, Jin Wook added on Sunday in a meeting with Egypt’s Finance Minister Mohamed Maait.
The two officials discussed Korean companies operating in Egypt and ways to encourage more Korean investment.
Egyptian exports to South Korea reached an all-time high of $1.69 billion, an increase of 61 percent year-on-year, representing an unprecedented surplus of $220 million for Egypt in 2022, Jin Wook said.
More Korean companies are entering the Egyptian market, he said, adding that this is considered strong evidence that the Egyptian market is very attractive to investors.
South Korea has designated Egypt as a priority country for Official Development Assistance (ODA) in 2021 and is working to expand development cooperation projects that support Egypt’s economic development and contribute to improving the quality of life of the Egyptian people.
In particular, South Korea supports the introduction of e-government in Egypt through the establishment of the e-procurement system.
