Seoul: Egypt's top diplomat on Tuesday proposed that South Korean companies establish a dedicated industrial zone along the Suez Canal by expanding investment in the country, noting that if realized, it would help job creation and enhance Korean firms' market access.
According to Yonhap News Agency, Egyptian Foreign Minister Badr Abdelatty, in a group interview with South Korean media outlets in Seoul, expressed Cairo's intent to deepen economic cooperation with South Korea. He emphasized attracting more Korean manufacturers to the Suez Canal Economic Zone, highlighting the strategic location as a gateway to African, Arab, and European markets.
"Our main focus now is how to convince Korean companies to come and to triple their investment in Egypt, because it's worth it, and especially to create a Korean industrial zone on the Suez Canal economic zone, that's extremely important," Abdelatty remarked during the interview at the Egyptian Embassy.
Abdelatty was among over 50 foreign ministers and senior diplomats from African nations who participated in the Korea-Africa Foreign Ministers' Meeting held Monday in Seoul. The officials agreed on enhancing economic and strategic cooperation and welcomed Seoul's proposal to convene a Korea-Africa summit in 2029.
The minister outlined that Egypt views the proposed Korean industrial zone as a mutually beneficial initiative that would help create jobs while providing South Korean firms access to a broader market, leveraging Egypt's extensive network of free trade agreements with partners in Africa, the Arab world, and Europe.
He noted the existing presence of South Korean companies such as Samsung Electronics Co. and LG Electronics Inc. in Egypt and advocated for expanded cooperation in areas like manufacturing, shipbuilding, artificial intelligence, digital transformation, renewable energy, and logistics.
Abdelatty stressed that African countries are keen on technology transfer, vocational training, and industrial localization as they pursue joint economic development and job creation. "We need more cooperation with the Republic of Korea, especially with regard to not only implementing projects but transferring know-how, transferring technology, and also creating more skillful labor in Africa through vocational training and technical assistance," he said.
The minister also called for diplomacy to address current geopolitical instability in the Middle East, underlining the importance of preserving freedom of navigation in key maritime routes, including the Red Sea and the Strait of Hormuz. He emphasized that military escalation negatively impacts security, stability, and freedom of navigation, advocating for peaceful solutions.
Regarding North Korea's nuclear weapons program, Abdelatty reaffirmed Egypt's opposition to nuclear proliferation and emphasized the necessity for all countries to adhere to international nonproliferation norms. He praised South Korea's approach to tensions on the Korean Peninsula, advocating diplomacy and de-escalation as the best methods for resolving regional security challenges.
When discussing Egypt's role in mediating regional conflicts, Abdelatty noted Cairo's ties with major powers, including the United States, China, and Russia, and stated Egypt's commitment to maintaining balanced relations while pursuing diplomatic solutions. "We have a very good relationship with everybody, and we don't have a hidden agenda. Our agenda is very clear: de-escalation, peaceful coexistence, and promoting peaceful solutions," he concluded.