Egypt-South Korea bilateral trade registers $2.1 billion in 11 months

ArabicFinance: Trade volume between Egypt and South Korea reached $2.1 billion in January-November 2021 period, South Korean Ambassador to Egypt Hong-Jin-Wook said .

Wook added that trade between the two countries registered $1.8 billion in 2019 and $1.5 billion in 2020 due to the pandemic crisis.

He also said that Korean exports to Egypt have increased, and so has the reverse, seeing this as an indication of the depth of the relationship.

The ambassador said that Egypt has a strategic location that combines Europe, Africa and Asia. Additionally, the Suez Canal, which is Egypt’s most prominent feature in the region, makes the country a global logistics hub.

“Samsung and LG have factories in Egypt that produce products bearing the ‘Made in Egypt’ label, which shows the interdependence of the two peoples,” Wook said.

He noted that 90 percent of Egypt’s electronics exports are produced by South Korean electronics companies working in Egypt.

It should be noted that South Korea will provide a soft loan of $1 billion to Egypt to finance various projects.

The announcement comes ahead of South Korean President Moon Jae-in’s visit to Egypt this week.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Comments are closed.