Egypt is striving to develop its economy and improve the welfare

Egypt, the cradle of ancient human civilization, is still mysterious, fascinating, and dynamic, perhaps because it was the seat of a glorious civilization half a millennium ago.

The 5,000-year-old architecture symbolized by the pyramids remains a mystery that modern construction methods have yet to unlock, and it's on the bucket list of people around the world who want to see it.

With a population of over 100 million people and a vast landmass, Egypt is striving to develop its economy and improve the welfare of its people. Since establishing consular relations with the Republic of Korea in 1961, it has developed into an ambassadorial-level diplomatic state in 1995. Since then, the two countries have signed a power technology agreement, a trade agreement, and a nuclear power agreement.

Pursuing a socialist economic system that recognizes free enterprise, Egypt is strongly pursuing economic growth policies and is committed to increasing bilateral trade and promoting tourism.

Egypt is improving various economic systems to attract foreign companies to invest in the country, and Korea is increasing imports of automobiles, automobile parts, and textiles in the medical field, and Korea is importing liquefied gas carpet marble, cement, and ethylene propylene.

In the future, it is expected that trade will be conducted in the field of heavy equipment such as shipbuilding and containers, and Korea is also looking forward to cooperation in the field of SOC.

Egypt has also shown a keen interest in developing our technical workforce.

We are already building a KAIST branch in Cairo, and this will be our second branch in Africa after Kenya.

This year, the volume of imports and exports between the two countries has decreased slightly due to the corona pandemic compared to the previous year, but it is not a major concern as non-trade exchanges such as tourism promotion are being activated.

In the future, the two countries are expected to expand exchanges in various fields such as culture and education, and the bilateral relationship is expected to develop complementarily.

Many developing countries in Africa are benchmarking South Korea's economic development, and it won't be long before they prove to be a wise choice.

On the occasion of Egypt's 71st Independence Day, The Korea Post interviewed Ambassador H.E Khaled Rahman to learn more about the evolving relationship between the two countries.

The interview is as follows:

Question: Please let us know the significance of your Revolution Day, July 23rd.

Answer: The Revolution Day in Egypt, celebrated on July 23rd, commemorates a significant and pivotal moment in recent Egyptian history when the monarchy was overthrown and replaced by a republican government. The revolution aimed to create a more equitable and just society, improve the economy and assert Egypt's sovereignty. This day remains a significant and widely celebrated event in Egypt, as it symbolizes the country's struggle against colonialism and oppression, and its ongoing pursuit for progress and development.

Q: Please let us know the major issues discussed and agreed between KoreanPresident Moon Jae-in and Egyptian counterpart Abdel Fattah El-Sisi during summit talks at the latter’s presidential palace in Cairo on January 20, 2022.

A: In a recent meeting, the leaders of Egypt and Korea discussed a wide range of topics reflecting the broad scope of the bilateral relationship. These included economic relations, trade and investment, technology cooperation, cultural exchanges, educational partnerships, and even addressing global challenges such as climate change and regional stability. This multi-dimensional approach highlights the importance of the Egypt Korea partnership, which goes far beyond just economic ties.

Q: What industrial sectors in Egypt do you think would be the most attractive toKorean potential investors?

A: Egypt has been actively promoting economic reforms to attract foreign investors, and there are several sectors that are of particular interest to Korean investors. These include automotive manufacturing, pharmaceuticals, textiles, urbanization, smart cities, digitization, green technologies and information technology. Moreover, Egypt has made considerable strides in encouraging foreign investment, such as the establishment of free trade zones, new cities and liberalization of the Egyptian pound currency. These efforts are expected to make Egypt an even more attractive destination for Korean businesses.

Q: Please introduce successful Korean companies in Egypt.

A: Over the years, several Korean companies have established a strong presence in Egypt. This includes big names such as Samsung, LG, and Hyundai. These companies have played a crucial role in boosting bilateral trade and investment and helped strengthen economic ties between the two countries. Their success also demonstrates the potential of the Egypt-Korea partnership and the opportunities that exist for Korean businesses looking to expand into the region.

Q: Please introduce tourist’s attractions in Egypt for Korean tourists abroad.

A: Egypt has many touristic attractions that are popular among Korean visitors. These include the Pyramids of Giza, the Sphinx, the temples of Luxor and Karnak, and the beaches of the Red Sea. There's also the bustling cities of Cairo and Alexandria, offering visitors a rich and diverse cultural experience. From tasting traditional Egyptian cuisine to taking part in cultural activities, visiting Egypt can be an unforgettable experience for Korean tourists.

Q: Please let us know your point of view on how to strengthen further the economic and cultural ties between Egypt and Korea in the years to come.

A: As Egypt and Korea continue to strengthen their bilateral ties, there are several areas where further cooperation can yield positive results. One such area is through increased trade and investment. Additionally, the two countries could benefit from greater cultural exchanges, particularly with regards to education and technology. Encouraging tourism between the two countries can help build greater understanding and appreciation of each other's cultures and encourage more people-to-people exchanges. Ultimately, by leveraging on the strengths of both countries, the relationship between Egypt and Korea can continue to grow and prosper.On Wed, Jul 12, 2023 at 10:32 AM Egyptian Embassy in Seoul Korea <egyptian.embassy.seoul@gmail.com> wrote: