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| Egyptian Ambassador to Korea Hazem Fahmy delivers a speech during a reception to celebrate the 67th anniversary of the Egyptian Revolution of 1952 at his residence in Hannam-dong, Seoul, July 30. / Korea Times photo by Yi Whan-woo |
By Yi Whan-woo
Marking the 67th anniversary of the revolution that gave birth to its independent republic, Egypt plans to end a three-year IMF bailout program this year.
This will help draw more Korean investment into Egypt and take the North African country a step closer toward its economic vision, according to Egyptian Ambassador to Korea Hazem Fahmy.
He said economic development, with the support of Korean businesses, is critical in ensuring social development and social justice — two principles of the July 23 Egyptian Revolution of 1952, as well as the two pro-democracy uprisings amid the Arab Spring in the early 2010s.
"Egypt embarked on one of its most ambitious economic reform programs in its recent history, and in spite of the painful measures that had to be taken to put the economy back on track, the results were more than impressive," Ambassador Fahmy said during an anniversary reception at his residence in Hanam-dong, Seoul, July 30.
He referred to Egypt undergoing turbulent economic times following the Arab Spring. The country received a three-year $12 billion bailout from the IMF in 2016.
The ambassador also referred to Egypt being ranked third among the world's fastest-growing economies in the first quarter of 2019 at a growth rate of 5.6 percent. The rate is expected to reach 6 percent for the fiscal year 2019-20.
With Egypt being the rotating chair of the African Union (AU), the Continental African Free Trade Area, an intra-Africa economic bloc, took effect in May. The deal involves involving 44 of the 55 AU member countries.
"Egypt would like in this regard to invite the government and the private sector of the Republic of Korea to seize this opportunity," Fahmy said, asking Korea to put the African economy "at the forfront of Korea's trade and investment map."
While Samsung, LG and GS have businesses in Egypt, the ambassador said Korean investment was "still at a very early stage in harnessing the potential of our bilateral relations."
"The sky is the limit of what we can achieve together," he added.
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| Egyptian Ambassador to Korea Hazem Fahmy, front row sixth from left, and Deputy Minister for Economic Affairs Yun Kang-hyeon, front row seventh from left, with other ambassadors during a reception to celebrate the 67th anniversary of the Egyptian Revolution of 1952 at the ambassador's residence in Hannam-dong, Seoul, July 30. / Korea Times photo by Yi Whan-woo |
Among the economic megaprojects are construction of a new administrative capital in a yet-to-be named area 45 kilometers east of Cairo, and as well as smart cities nationwide and the Grand Egyptian Museum.
The Suez Canal Economic Zone is also underway. It is aimed at building a new waterway, expanding the capacity of the canal connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez, creating revenue for the government to become an industrial and technological hub and helping Egypt serve as the "Hong Kong of Africa and the Middle East."
The 1952 Egyptian Revolution was led by army officers Mohammed Naguib and Gamal Abdel Nasser, who ended the pro-British monarchy as well as the British military presence in Egypt and declared a republic.
Naguib served as the inaugural president of the republic, and was succeeded by Nasser.
"It continues to influence the lives of Egyptian people in many unique and interesting ways," Fahmy said.
He assessed the 1952 revolution as shaping and asserting the "modern and postcolonial common political identity of Arab as well as African nations."
The envoy called social development and social justice "two of the most important principles of the 1952 revolution" and that the pro-democracy uprising in 2011 and 2013 brought the country back on track to achieving these.
Guests at the reception included Deputy Minister for Economic Affairs Yun Kang-hyeon and Korea-Africa Foundation President Choi Yeon-ho as well as other ambassadors.
