Egypt and South Korea have signed a joint statement paving the way for a Comprehensive Economic Partnership Agreement to boost investment and trade ties. The signing occurred during a bilateral meeting with senior officials from both nations. The framework emphasizes technology transfer and industrial development in key sectors.
In Cairo, Hassan El-Khatib, Egypt's Minister of Investment and Foreign Trade, and Yeo Han-koo, South Korea's Minister of Trade, Industry, and Resources, signed a joint statement on the Comprehensive Economic Partnership Agreement (CEPA). The bilateral meeting included Mohamed El-Gossaki, CEO of the General Authority for Investment and Free Zones (GAFI), and Ambassador Amr Hamza, Assistant Minister of Foreign Affairs for Asian and Pacific Affairs.
The statement establishes a comprehensive institutional framework to broaden collaboration in investment, technology transfer, industrial development, capacity building, and trade liberalization. El-Khatib called the agreement a strategic framework for investment cooperation in priority sectors including high-tech industries, agriculture, renewable energy, transport, infrastructure, and manufacturing. He noted that the discussions build on constructive talks from late last year and follow a joint feasibility study under a memorandum of understanding signed in January 2022.
"The CEPA aims to foster deeper economic ties, promote knowledge transfer, and enhance investment flows between Egypt and South Korea, while encouraging Korean participation in Egypt’s large-scale national projects, particularly in the Suez Canal Economic Zone," El-Khatib said.
The partnership also supports joint industrial projects utilizing Egypt's raw materials and manufacturing capabilities, targeting sectors such as furniture, glass, artificial pearls, crystal, marble, ceramics, pharmaceuticals, ready-made garments, electrical cables, and telecommunications products. El-Khatib highlighted Egypt's interest in adopting advanced Korean technologies and smart solutions, not only for bilateral cooperation but also as a gateway for technology transfer to African markets, positioning Egypt as a regional hub.
Minister Yeo Han-koo expressed satisfaction with the visit and reaffirmed South Korea's commitment to strengthening bilateral economic ties. He described Egypt as a key regional partner with a large market and strategic geographic location, offering Korean companies access to regional and African markets along with opportunities for industrial and investment collaboration. GAFI CEO Mohamed El-Gossaki stated that the authority is reviewing South Korean investments in Egypt with a proactive approach to ensure smooth implementation and mitigate potential challenges, particularly in priority sectors like technology, automotive, and energy.
