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Egypt's Exports to South Korea Increase by 62%

Minister of Trade and Industry Nivine Gamea. (Reuters)
Minister of Trade and Industry Nivine Gamea. (Reuters)
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Egypt's Exports to South Korea Increase by 62%

Minister of Trade and Industry Nivine Gamea. (Reuters)
Minister of Trade and Industry Nivine Gamea. (Reuters)

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.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.