• Korea-Egypt Development Association seeks economic cooperation measures in Egypt with domestic companies
• Delegates from 21 domestic companies and organizations visit Egypt to strengthen economic cooperation*

On the 28th, the Korean Egypt Development Association (KEDA(, Chairman Kang Woong-sik said on the 28th that it is visiting Egypt with a delegation of 21 domestic companies and organizations from 25 to 31 May 25 to seek ways for domestic companies to advance into Egypt and for economic cooperation. revealed.

KEDA, an incorporated association, was established in 2016 to promote private economic exchange and friendly cooperation between Korea and Egypt. Chairman Kang Woong-sik developed a personal relationship with Egyptian President Abdel Fattah el-Sisi while studying abroad at the Royal Army Staff College in England in 1991.

MOU signing ceremony at Suez Canal Special Economic Zone (Easton R&E Chairman Lee Eui-si), KEDA Chairman Kang Woong-sik) second right side

The visiting group consisted of 24 people, including Chairman Kang, the association’s executives and employees, and representatives of 21 companies and organizations, including Sambu Construction, Tony Moly, Eastern R&E, Small and Medium Business Promotion Association, and Korea Clothing Cooperative. They arrived in Cairo, Egypt on May 26 and began their activities in earnest. This visit was attended by former Behira Governor Mustafa Hardwood, former KEDA advisor, former General Osama El Baz, and former Deputy Director General of the Military Procurement Agency Essam Adley.

The team visited the Korean Embassy in Egypt on the afternoon of the first day and received explanations on the Egyptian economic situation and investment status from Choi Byung-seon, Economic Affairs Minister and Consul General, and local managers from the Korea Trade-Investment Promotion Agency (KOTRA), Korea International Cooperation Agency (KOICA), and the Export-Import Bank of Korea. Ambassador Kim Yong-hyun was unable to attend due to a meeting with Prime Minister Mustafa Madbouli ahead of the Korea-Africa Summit.

Mr. Choi Byeong-seon of the Korea Economic Corporation said, “Egypt is a vibrant country with a population of 110 million with a 7,000-year history, and the average age of the people is young, at 25 years old.”

He added, “We hope that domestic companies will achieve good results through consultations with local companies.”

·Conference of the Korean Embassy in Egypt

During this visit, KEDA welcomed Rep. Salah Al-Sudi, a three-term Egyptian lawmaker and chairman of the Al-Sudi Group, as KEDA honorary chairman, former General Osama as a standing advisor, former Essam Deputy Commissioner as an advisor, and Nivin Shehata, editorial director of Al-Hram, an Egyptian state-run newspaper appointed as media advisor.

The following day, the visiting team visited the Suez Canal Special Economic Zone Authority to hear about the status of the special zone and have a question-and-answer session about the conditions for moving in. Commissioner Walid Gamal emphasized, “Amid the global supply chain crisis, production in various regions has become important,” adding, “Our special zone will be a great opportunity for Korean companies.”

Among the companies visited on this day, Eastern R&E signed an MOU with NERIC, an Egyptian railway vehicle manufacturer, to jointly produce 500 passenger cars and 1,000 bogies ordered from the Egyptian Railway Authority. Through this cooperation, Eastern R&E has established a bridgehead to advance into not only the Egyptian railway business but also the African trans-continental railway business.

Chairman Kang Woong-sik said, “If both countries move in a win-win direction, Egypt will become the ‘Tiger of the Nile.’ If a direct route is opened from Korea to Egypt, it will greatly contribute to promoting exchange and friendly cooperation between the two countries.”

The visiting team then toured the Chinese Industrial Complex (TEDA) built in the Ain Sokhna district and met with officials from Chinese companies moving in. China has been building TEDA since 2008, and currently 160 companies have moved in, and the second phase of the construction project is underway.

Companies and organizations that participated in this visit include Kyungin Engineering, Dongin Optics, Musong LTC, Sambu Construction, World Food, Sejin Plus, Ahnji Fire CNC, Airline GSA, Ucast, Innonet, Eastern R&E, EN Bridge, Jacob System, Good There are 21 places including Elevator, Tony Moly, Two Three Seven, Pakistan Nizami Group, NST Group, Small Business Promotion Association, Korea Clothing Cooperative, and Korea Lake Resources Research Institute.

·At the Grand Museum in Egypt