The Minister of Investment and Foreign Trade received Chargé d'Affaires of South Korean Embassy to discuss enhancing economic cooperation between Egypt and South Korea and developing mechanisms for regulating trade and exports and imports control.
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, met with Mr. Choi Byung-Sun, Chargé d'Affaires of South Korean Embassy in Cairo, and his accompanying delegation to discuss ways to enhance the economic partnership and expand fields of cooperation in investment, trade, and industry. The meeting comes as part of efforts to strengthen economic cooperation between Egypt and South Korea and support competitiveness of Egyptian Economy.
The minister confirmed that the economic relations between Egypt and South Korea currently witness a remarkable development, indicating the existence of promising opportunities for cooperation in certain fields, including investment, industry, support start-ups, venture capital, and major industrial projects, contributing to attracting more foreign direct investments and strengthening industrial partnerships.
Dr. Mohamed Farid pointed out that the Egyptian government is working to transform the proposed areas of cooperation into investment opportunities and actionable projects, explaining that a number of Egyptian entities have already submitted initial proposals being developed and transformed into detailed work programs with clear objectives and implementation mechanisms.
The minister explained that cooperation between the two countries also extends to strengthening and regulating trade and developing the system of exports and imports control, through exchange of experiences in areas of risk management and the development of trade data exchange systems in accordance with best international practices, which supports the efficiency of the foreign trade system and enhances the smooth flow of goods through Egyptian ports.
In this context, the Minister demonstrated the significance of the role of the General Organization for Export and Import Control (GOEIC) in supporting the State’s efforts to regulate the foreign trade and ensure the quality of traded goods, through developing the inspection and technical control system and applying the latest international systems in risk management and data exchange, which contributes to facilitating procedures and enhancing the confidence of international markets in Egyptian exports.
The meeting also discussed opportunities for cooperation in areas of developing trade promotion systems, organizing international exhibitions and events, and opening new markets for Egyptian products, in such way that support the state's efforts to increase exports and diversity of foreign markets.
The minister referred to the direction towards launching negotiations for a comprehensive economic partnership agreement between Egypt and South Korea during this year, after signing a memorandum of understanding for preparation of negotiations, stressing that this agreement will contribute to supporting investment flows and enhancing bilateral trade between the two countries.
On his part, Mr. Choi Byung-Sun stated that South Korea gives great importance to strengthening economic cooperation with Egypt during this current stage, referring to fostering a joint teamwork following the South Korean president's visit to Egypt to follow up on implementation of joint initiatives. He also expressed the eagerness of Korean companies to expand their investments in the Egyptian market, particularly in industrial, technological, and export sectors, accordingly supporting the strategic partnership between the two countries.
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