Memo of understanding signed between Egypt, South Korea

Egypt and South Korea signed Wednesday a memo of understanding, that South Korea will grant Egypt $5 million.

Following signing the memo of understanding with the South Korean ambassador in Cairo, the Minister of International Cooperation Fayza Abul-Naga said that the grant will be used for implementing 5 developmental projects, foremost of which are a project for setting up a center for programming engineering, distance learning project and a center for vocational training.

At a press conference held Wednesday with the Korean ambassador, Abul-Naga said that the volume of bilateral trade between Egypt and South Korea was estimated at $ 500 million last year.

Total Egyptian exports to South Korea amounted to $ 200 million versus imports at a value of $ 230 million, Abul-Naga added.

For his part, South Korean ambassador said that South Korean investments in Egyptian market were valued at $ 200 million, saying that this figure is very small and did not rise up to the level of good relations between the two countries.