Economic Cooperation
President Lee meets African foreign ministers, hopes for regular summits
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President Lee Jae Myung met foreign ministers from 19 African countries at Cheong Wa Dae on June 2 to pledge stronger ties. The gathering followed the Korea-Africa Foreign Ministers' Meeting in Seoul the previous day, where participants agreed to boost cooperation on supply chains and critical minerals.
U.S. Treasury Secretary Scott Bessent will stop in Seoul on Wednesday for talks with Chinese Vice Premier He Lifeng and South Korean officials ahead of next week’s Trump-Xi summit in Beijing.
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Korea and Pakistan will begin the first round of negotiations on a bilateral Comprehensive Economic Partnership Agreement (CEPA) on Monday. Seoul's trade ministry said the virtual talks aim to boost trade and investment. Kim Jang-hee, director general for Trade Agreement Negotiations, and his Pakistani counterpart Nasir Hamid will hold four days of discussions.
The General Authority for Investment and Free Zones held an expanded meeting with French Ambassador to Egypt Éric Chevallier and Egyptian Customs Authority Chairperson Ahmed Amoui to discuss strengthening investment cooperation and improving the business environment. Senior French officials and representatives of French companies operating in the Egyptian market participated. The discussions align with Egypt's efforts to enhance the investment climate and attract more foreign direct investment.
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President Lee Jae Myung unveiled the SHINE initiative for Middle East cooperation at Cairo University. The initiative emphasizes stability, harmony, innovation, network, and education to promote peace, deepen economic partnerships, and expand cultural exchanges. In a summit with Egyptian President Abdel Fattah El-Sisi, the two nations agreed to enhance cooperation on peace and defense.