South Korea to Boost Investment in Egypt With $3 Billion Deals

Egypt’s international cooperation minister Sahar Nasr (front L) and South Korean first vice foreign minister Lim Sung-Nam (front R) sign an agreement as Egypt’s President Abdel Fattah Al-Sisi (back L) and South Korean President Park Geun-Hye (back R) look at at the presidential house in Seoul on March 3, 2016. Photo: Pool/Getty Images

Minister of International Cooperation Sahar Nasr received a delegation from South Korea on Thursday to discuss the implementation of a number of memoranda of understanding worth USD 3 billion signed during President Abdel Fattah Al-Sisi’s visit to Korea in March.

The financial package includes investments in renewable energy, sewage and water desalination and treatment projects, according to a statement released by the Egyptian Ministry of International Cooperation.

During the meetings, Nasr hailed bilateral economic cooperation between Egypt and South Korea, stating that the purpose of the talks was to follow up on President Sisi’s discussions with the Korean business community during his visit to the country earlier this year.

Meanwhile, the Egyptian-Korean Business Forum also kicked off on Thursday, aiming to deepen bilateral economic ties between the countries and exploring the two countries’ respective markets.

President Abdel Fattah Al-Sisi visited South Korea in March, where he signed a range of multi-billion dollar agreements with his South Korean counterpart.