The Korea Trade Promotion Agency (KOTRA), in cooperation with the South Korean Embassy in Cairo and the Korea Water Partnership, organized a conference and business meeting with a group of 10 South Korean companies in the field of water industry development between Egypt and Korea.
The conference was held on Wednesday, November 1, 2023, at the Four Seasons Hotel in Garden City. The trade delegation visited Egypt from October 31 to November 2 and specialized in the field of water industry.
The main objective of the conference and business meeting was to discuss the possibility of enhancing cooperation in the project sector with the relevant Egyptian ministries and authorities, especially the Ministry of Housing and Utilities, Ministry of Environment, Holding Company for Water and Wastewater (HCWW), and Construction Authority for Potable Water and Wastewater (CAPW).
KOTRA also arranged one-to-one business meetings for Korean companies with around 20 prominent Egyptian companies.
This event was a good opportunity for Korean and Egyptian companies to cooperate in the field of water industry.
With the cooperation of CAPW, the trade delegation visited the El-Gabal El-Asfar Wastewater Treatment Plant on Thursday, November 2. The visit encouraged South Korean companies to cooperate and invest in the field of water projects in Egypt.
South Korea and Egypt have been partners on the economic level since even before the establishment of diplomatic relations in 1995. KOTRA, which is affiliated with the Commercial Section of the Korean Embassy in Egypt, established a presence in Cairo in 1974, 21 years before the establishment of official diplomatic relations, and has been helping with the promotion of trade and investment between both countries.
The trade volume reached $3.1 billion in 2022, the second highest between the two countries. This was mainly due to a dramatic increase in exports from Egypt to Korea, the amount of which was $1.6 billion. The two main items were natural gas and naphtha.
Other products exported from Egypt to Korea include sugar cane waste, minerals, textiles, clothes, fruits, and cement. Egypt imports from Korea automobiles, synthetic resins, semiconductors, auto parts, and petrochemicals.
In terms of investment, the cumulative amount of investment of Korean companies is $817 million as of the end of 2022. About 40 Korean companies are actively operating in Egypt, including Samsung Electronics, LG Electronics, and Hyundai Rotem.
Some Korean companies consider Egypt as a base for the Middle East and Africa, taking advantage of the strategic location of Egypt and its extensive FTA network.
Finally, KOTRA Director General Sukho Lee said, “This event will enhance the opportunities for Korean and Egyptian companies to seek potential partners in the water industry.”