Arab Finance: Egypt and South Korea signed 12 agreements and memoranda of understanding (MoUs) to strengthen bilateral ties and expand cooperation across key economic sectors, according to a statement.
The agreements were signed during President Abdel Fattah El-Sisi’s visit to South Korea from October 7 to 9, where he and South Korean President Lee Jae Myung welcomed the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA).
Both sides agreed to expand cooperation in manufacturing, particularly shipbuilding and electric vehicles (EVs), energy, infrastructure, advanced technology, AI, and smart cities. Plans also include reinforcing the Suez Canal Economic Zone (SCZONE), localizing industries, and attracting further investments.
For his part, El-Sisi expressed Egypt’s interest in leveraging South Korea’s advanced expertise to unlock the full economic potential of both countries.
He also unveiled the country's intention to expand South Korean industrial investments to support its plans to localize advanced manufacturing, particularly in automotive production, electronics, petrochemicals, and renewable energy.
On defense, the two sides welcomed ongoing cooperation and pledged to pursue further progress in the defense industry. The agreement also provides for closer political coordination through high-level exchanges and consultations between the two countries' foreign ministries.
In education and culture, the countries agreed to designate 2027 as the Year of Cultural Exchanges and pledged to expand cooperation in scholarships, Korean-language instruction, youth training and technical and vocational education in Egypt.
The two sides said vocational training programs would be developed to better meet labor market needs and support sustainable development.
It is worth noting that the trade exchange between Egypt and South Korea jumped to $874 million during the first eight months of 2026, compared to $920 million in the same period a year earlier, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egyptian exports to South Korea reached $58 million in January-August 2026, an annual rise from $53 million. Meanwhile, Egyptian imports declined to $816 million from $867 million.
