Friday 22 Nov
Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, met with Kim Young-hyun, the South Korean Ambassador to Cairo, to discuss ways to strengthen bilateral cooperation between Egypt and South Korea in the fields of industry and transportation.
Al-Wazir commended the existing
fruitful partnership and expressed a desire for expanded collaboration. The
South Korean ambassador emphasized the strong ties between Egypt and South
Korea, highlighting the interest of both the South Korean government and
businesses in expanding cooperation in various sectors.
During the meeting, both sides
reviewed the progress of several joint railway projects, including the
modernization of signaling and communications systems on the Nag Hammadi-Luxor
line (118 kilometers) and the Luxor-Aswan High Dam line (224 kilometers). They
also discussed potential collaboration in the subway sector, such as the joint
production of 40 subway trains (320 cars) by the Korean company Hyundai Rotem
and Egypt’s NRC in East Port Said.
The Minister of Transport highlighted the significance of this project, emphasizing that the ministry would no longer import new mobile units for the metro, railways, or other transportation systems. Instead, it is implementing a comprehensive plan to localize the industry in Egypt through partnerships with global companies, such as Hyundai Rotem of South Korea, in line with President Abdel Fattah El-Sisi's directives.
The discussion also included updates on the design, manufacturing, delivery, and testing of 30 tram units, along with spare parts and maintenance for 8 years, as outlined in a contract with Hyundai Rotem.
The meeting emphasized the need
for more frequent discussions between Egyptian officials and executives from
Samsung, LG, and Hyundai Rotem to explore opportunities for increased
investment in the industrial sector and to support the expansion of their
operations in Egypt. Given their global leadership in high-technology
industries, these companies are well-positioned to contribute to the Ministry
of Industry's efforts to localize various industries in Egypt.
Discussions will focus on Hyundai
Rotem establishing a factory for the production of railway and metro carriages,
as well as passenger cars, as part of the localization plan. Additionally,
talks with Samsung and LG will aim to encourage them to increase their investments
and establish new factories in Egypt for export purposes.
The ambassador expressed South
Korean companies' keen interest in investing further in the Egyptian market.
Egypt's favorable investment climate, characterized by a skilled workforce,
abundant raw materials, and extensive transportation infrastructure, positions
it as an attractive destination for foreign investment. Egypt's strategic
location and free trade agreements with the European Union, COMESA countries,
and Arab countries also facilitate exports to various regional and global
markets.
The ambassador invited the Minister of Industry and Transport to visit South Korea soon to explore opportunities for collaboration and visit several Korean companies and factories.
