Sunday, May 14, 2006

Korea and Egypt building up bilateral trade relationship

Written by: S.M.Mehdi Hassan
On 10th May, a 17 member delegate from Egypt visited South Korea with a goal to develop bilateral trade relationship.

According to the report of The Korea Times the delegation was headed by Mahmoud Fathi Atallah, Vice chairman, General Authority for Investment and Free Zones. Before this, the South Korean President, Roh Moo-hyun went on a visit to Egypt after being invited by the Egyptian President Hosni Mubarak. Korean officials received them on Friday at the Egyptian embassy. The delegation attended a seminar at the Grand Hyatt Hotel on Friday. The two parties held meetings and signed business deals.

On behalf of the South Korea representatives from various government and private organizations participated in the meeting. According to the Egyptian Ambassador, Reda El-Taify, President Roh’s visit has opened up a new source for the Korean businessmen to explore trade and commerce in Egypt. Egypt is among the top emerging markets in the world. Last year Korean firms invested 200 million dollars
in Egypt.

In the meeting GS Engineering and Construction, a Korean company, signed a construction order to build a natural gas plant in Alexandria which is worth $ 350 million. Korea is one of the most developed countries in Asia and Egypt is a country rich in cultural heritage and natural resources. Hence, through such business deals both the countries will be able to exchange knowledge and technology.

Related article:
The Korea Times