Yun Kang Hyeon, Deputy Minister for Economic Affairs of South Korea’s Ministry of Foreign Affairs (MoFA), will begin his first official visit to Egypt on Tuesday, South Korean ambassador to Egypt, Yeocheol Yoon, said.
“During the deputy minister’s visit that lasts from June 18 to 21, he is scheduled to have several high-level meetings with Egyptian officials to discuss ways of boosting bilateral relations with a particular focus on economic and investment cooperation,” the ambassador told Daily News Egypt.
He will also attend the joint seminar on “Advancing Korea-Egypt SME Cooperation”, which is organised in collaboration between the Korea Institute for International Economic Policy (KIEP) and the Information and Decision Support Center (IDSC), the ambassador said.
The deputy minister will also visit the Beni Suef governorate, during which he will tour the Samsung Electronics Factory and follow-up on the progress of establishing the Egyptian-Korean Technological College, the ambassador added.
The Egyptian-Korean Technological College aims to foster technical capabilities and skills of the graduating calibres to provide skilled labour in Egyptian industries, the ambassador affirmed, noting, “the deputy minister’s visit is timely enough as Egypt is one of the fastest growing emerging markets and the African countries just launched their continent wide Free Trade Agreement (FTA) under the chairpersonship of Egypt.”
Deputy minister Yun will discuss how to encourage business sectors of both countries to fully utilise the potentials of Egypt. He will also look into what both governments can do to encourage more trade and investment, the ambassador asserted.
Interestingly, Korea’s investments in Egypt are worth of $570m while Egypt’s investments in Korea are at about $16.7m.
Key Korean investors include the Samsung Electronics Factory in Beni Suef, LG Electronics Factory in the 10th of Ramadan, Seong An in Al-Sharqeya, Ulhwa in Beni Suef, and other companies operating in the fields of telecommunication, construction, and transportation.