South Korea and Egypt are broadening their economic cooperation in areas such as eco-friendly transportation, advanced industries, and energy and logistics infrastructure. Hyundai Rotem is set to conduct a feasibility study for supplying 44 hydrogen trams to Egypt's new administrative capital.
The Ministry of Trade, Industry and Energy announced that it co-hosted a 'Korea-Egypt Business Roundtable' with Egypt's Ministry of Investment and International Cooperation on October 7 at the Lotte Hotel in Seoul. The event was organized in conjunction with Egyptian President Abdel Fattah el-Sisi's state visit to South Korea.
Attendees from Egypt included President el-Sisi, ministers of foreign affairs, transportation, investment, and industry, the head of the Suez Canal Economic Zone, and various business leaders. From South Korea, Minister of Trade, Industry and Energy Kim Jeong-kwan, the vice president of the Korea Chamber of Commerce and Industry, and representatives from public institutions and businesses were present.
The two countries discussed ways to enhance cooperation, focusing on eco-friendly and advanced industries, energy and logistics infrastructure, and establishing a robust trade framework. Notably, an MOU was signed between Hyundai Rotem and the Egyptian National Authority for Tunnels for the hydrogen tram project, with Minister Kim in attendance.
This project encompasses the supply of 44 hydrogen trams, construction, system establishment, and operation and maintenance. Both sides agreed to assess the project's viability through a preliminary feasibility study before outlining further steps.
Egypt, with its Suez Canal, is recognized as a logistics and production hub connecting Africa, the Middle East, and Europe. It is also one of South Korea's top three trading partners in Africa and its largest investor. In January, the two nations signed a joint declaration to officially pursue the Korea-Egypt Comprehensive Economic Partnership Agreement (CEPA). The recent state visit is expected to accelerate the establishment of trade systems alongside industrial cooperation.
Minister Kim stated, 'Since establishing diplomatic relations in 1995, our two countries have developed a cooperative relationship based on mutual friendship and trust over the past 30 years. We will further expand cooperation in advanced industries such as eco-friendly shipbuilding, future vehicles, and defense, as well as in energy and logistics infrastructure.'
He added, 'We will actively support the trade and investment between our companies to achieve tangible results through the advancement of the Korea-Egypt CEPA and the establishment of a robust trade framework.'
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.