By Jun Ji-hye
Korea and Egypt agreed to strengthen their cooperation in the latter's infrastructure development projects worth $3.6 billion (4.37 trillion won), the presidential office said Thursday.
President Park Geun-hye and her Egyptian counterpart Abdel Fattah el-Sisi reached the agreement during a summit at Cheong Wa Dae, after which they observed the signing of nine memoranda of understanding (MOUs) between the two countries.
Under the MOUs, Korean companies will be able to actively participate in Egypt's large-scale infrastructure development projects such as the construction of canals, subways and railroads.
The presidential office said that the MOUs could help the companies pave the way for entering the fast-growing North African country.
Egypt has been expanding its infrastructure development projects since the launch of its new government in May 2014, which included the construction of the New Suez Canal through August 2014 to July 2015 to expand the capacity of the existing Suez Canal.
During the summit, the two heads of state also agreed to enhance their economic ties in areas such as the bio-energy industry, and seek to extend trade volume between the two nations by increasing Korean companies' investment into Egypt.
The bilateral trade volume reached $2.4 billion last year.
The Egyptian President arrived in Korea, Wednesday, for a three-day visit that also includes talks with Prime Minister Hwang Kyo-ahn and local business leaders.
This is the first visit by an Egyptian president since 1999 when former President Hosni Mubarak came to Seoul.
Follow Jun Ji-hye on Twitter @TheKopJihye
Korea and Egypt agreed to strengthen their cooperation in the latter's infrastructure development projects worth $3.6 billion (4.37 trillion won), the presidential office said Thursday.
President Park Geun-hye and her Egyptian counterpart Abdel Fattah el-Sisi reached the agreement during a summit at Cheong Wa Dae, after which they observed the signing of nine memoranda of understanding (MOUs) between the two countries.
Under the MOUs, Korean companies will be able to actively participate in Egypt's large-scale infrastructure development projects such as the construction of canals, subways and railroads.
The presidential office said that the MOUs could help the companies pave the way for entering the fast-growing North African country.
Egypt has been expanding its infrastructure development projects since the launch of its new government in May 2014, which included the construction of the New Suez Canal through August 2014 to July 2015 to expand the capacity of the existing Suez Canal.
During the summit, the two heads of state also agreed to enhance their economic ties in areas such as the bio-energy industry, and seek to extend trade volume between the two nations by increasing Korean companies' investment into Egypt.
The bilateral trade volume reached $2.4 billion last year.
The Egyptian President arrived in Korea, Wednesday, for a three-day visit that also includes talks with Prime Minister Hwang Kyo-ahn and local business leaders.
This is the first visit by an Egyptian president since 1999 when former President Hosni Mubarak came to Seoul.
Follow Jun Ji-hye on Twitter @TheKopJihye
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