Egypt and South Korea signed a Memorandum of Understanding (MoU), on Wednesday, to open a new era of cooperation in transportation between the two countries.
The MoU was signed between Egypt’s Ministry of Transportation, Ministry of Planning and Economic Development, the National Egyptian Railway Industries Company (NERIC), and Hyundai Rotem.
The signing took place in the presence of South Korea’s Ambassador to Cairo Hong Jin-wook, Egypt’s Minister of Transportation Kamel El-Wazir, and Minister of Planning and Economic Development Hala El-Said.
The MoU is the result of discussions which took place, on Tuesday, between Egypt’s President Abdel Fattah Al-Sisi and Yong-Bae Lee, Chairperson and CEO of Hyundai Rotem. It will facilitate the joint cooperation between Hyundai Rotem and NERIC, aimed at localising railway industry capabilities in Egypt and transferring technology.
Al-Sisi noted that he looks forward to establishing strategic cooperation with Korea, especially in the heavy industries sector that depends on labour intensity and advanced technology. This will work towards industrial localisation and technology transfer, he said.
The President also emphasised that South Korea is the role-model for Egypt in terms of economic development.
Speaking during the ceremony, Ambassador Hong said that this project is especially meaningful as it aims to export metro cars made in Egypt to other countries. It also aims to strengthen the country’s capability in the transportation infrastructure, which the Egyptian people use every day.
He expects South Korean President Moon Jae-in to visit Egypt in the near future, following his most recent scheduled visit being postponed due to the novel coronavirus (COVID-19) pandemic.
The visit would provide good momentum for the two countries to deepen their strategic cooperation in various fields, including energy, infrastructure, health, information and communication technology (ICT), and defence industries.