The value of trade exchange between Egypt and South Korean increased by 46.9% in the first 10 months of 2021, amounting to $890 million, compared to $286.6 million during the same period in 2020, Egypt’s trade minister announced Sunday.
During the same period in 2021, Egypt’s exports to the South Korean market rose by 62.3 percent to reach $531.5 million, up from $327.5 million during the same period in 2020, Minister of Trade and Industry Nivine Gamea said during a virtual meeting with her South Korean counterpart Yeo Han-Koo.
The products exchanged mainly include oil products, cement, granite, aluminum, ready-made garments, machines and equipment, as well as cars and medical devices, Gamea noted.
Cairo is keen to develop joint economic cooperation ties with South Korea to unprecedented levels, the minister stressed.
South Korea is considered one of Egypt’s key trade partners in the Eastern and Southeastern Asia region and a major source for transferring advanced industrial expertise and technologies to the Egyptian industry, she continued.
Visits between both countries’ senior officials have recently intensified, she noted.
Gamea said President Abdel Fattah al-Sisi’s visit to the Korean capital, Seoul, in 2016 had paved the way for the launch of a new phase of distinguished bilateral ties in various fields and at various levels.
Yeo, for his part, said South Korea hails the great success achieved by the Egyptian economic reform program and its positive contribution to the economy.
He pointed to the 3.6% growth rate in 2020 despite the coronavirus pandemic and its negative repercussions on various global economies.
The Korean government is keen to boost joint cooperation with its Egyptian counterpart in the fields of trade, investment, industry, energy, health, and specifically in means of addressing the pandemic, the minister stated.
He pointed to the importance of joint bilateral cooperation in the areas of trade facilitation and supply chain development to achieve economic recovery for both countries in light of the pandemic.
