Korea aims to increase the size of its investments in Egypt to $3bn, according to Korea’s Minister of Trade, Industry and Energy Joo Hyunghwan.
Hyunghwan said, during the opening ceremony of the Egypt Korea Business Forum on Thursday, that there are efforts between Egypt and Korea to achieve this goal and to increase the volume of trade exchange between the two countries.
Tarek Kabil, Egypt’s minister of trade and industry, signed on the sidelines of the forum a protocol of cooperation with the Korean minister of industry to support small and medium industries.
The Commercial Annex of the South Korean embassy in Cairo also signed a cooperation protocol with the Cairo Chamber of Commerce to increase the volume of trade exchange between the two countries.
The forum was attended by representatives from 75 Korean companies, most notably Hyundai Motor, Samsung, and GS Construction, as well as the Businesswomen Association and Investors Association.
According to Kabil, Korean companies taking part in the forum seek to explore the Egyptian market, especially in the areas of small and renewable energy.