Cairo: Deputy Minister of Finance Ahmed Kouchouk announced that Egypt and South Korea are currently working on concluding a free trade agreement which would be the first of its kind between South Korea and an African country. He emphasized that this agreement would open new horizons for boosting investments and eliminating trade barriers.
According to State Information Service Egypt, Kouchouk spoke at the Egypt-Korea economic partnership conference organized by the Korean embassy in Cairo. He stated that the event reflects the depth of relations between the two countries and reaffirms that South Korea is a reliable partner and a long-standing friend of Egypt. He noted that the volume of trade between the two nations exceeded $1.6 billion in 2024, with South Korea exporting cars, machinery, and electrical equipment to Egypt, while Egypt exports fuel, fertilizers, and ready-made garments to Korea.
Kouchouk highlighted that the celebration of 30 years of diplomatic relations between Egypt and South Korea marks a 'milestone' in the strategic partnership journey, underscoring decades of close cooperation in the fields of economy, trade, and investment, as well as diplomatic, cultural, and defense ties. He added that South Korea has been a key partner in supporting Egypt's economic reform program, particularly through private sector investments and technology transfer.
Major Korean companies such as Samsung, LG, and Hyundai have played a pivotal role in strengthening Egypt's industrial sector. The Samsung factory in Beni Suef alone produces six million electronic devices annually, 85% of which are exported to over 55 countries. Meanwhile, LG has invested over $340 million in home appliance production, and Hyundai has supported transportation projects by supplying dozens of trains for the Cairo Metro.
The cooperation has also extended to infrastructure and energy projects. Korean companies participated in implementing a major petrochemical project with $4.3 billion in investments, in addition to a green hydrogen and ammonia production project in the Suez Canal Economic Zone with nearly $2 billion in investments.