(LEAD) S. Korea, Egypt agree on infrastructure investment
(ATTN: CHANGES lead, headline; ADDS more information throughout, photo)
SEOUL, March 3 (Yonhap) -- South Korea and Egypt agreed Thursday to beef up cooperation in infrastructure development worth US$3.6 billion, paving the way for Seoul to make inroads into the fast-growing North African country.
President Park Geun-hye and her Egyptian counterpart, Abdel Fattah el-Sisi, reached an agreement at a summit here, Cheong Wa Dae said.
The presidential office said the two leaders were present for the signing of nine memorandums of understanding calling for Seoul's participation in Egyptian infrastructure projects such as canals and subways.
Seoul will also enhance economic ties, in areas such as the bio-energy industry, with Egypt, which is fast emerging as a key business hub in Africa and in the Gulf region, the office said.
The two leaders will also make an effort to increase the trade volume between the two countries which reached US$2.4 billion last year.
Egypt's president arrived in South Korea on Wednesday for a three-day visit that also includes talks with Prime Minister Hwang Kyo-ahn and local business leaders.
It marks the first visit by an Egyptian president since 1999, when former President Hosni Mubarak came to Seoul.
In 2014, Park met with El-Sissi in New York on the sidelines of the U.N. General Assembly. At the summit, Park expressed her commitment to expanding economic cooperation with Egypt.
(END)
-
(Yonhap Interview) BTS producer encourages anticipation for future messages from group
-
BLACKPINK star Jisoo tests positive for COVID-19, to miss world tour stop in Osaka
-
(News Focus) From hip-hop idols to global superstars, BTS shatters records over decade
-
3 EXO members file antitrust complaint against SM Entertainment
-
(profile) Current veterans minister appointed to lead upgraded ministry
-
(Yonhap Interview) BTS producer encourages anticipation for future messages from group
-
BLACKPINK star Jisoo tests positive for COVID-19, to miss world tour stop in Osaka
-
(News Focus) From hip-hop idols to global superstars, BTS shatters records over decade
-
(LEAD) 4 Chinese, 4 Russian military planes enter S. Korea's air defense zone without notice: S. Korean military
-
S. Korean military continues operation to salvage N. Korean rocket debris
-
Yoon gov't unveils National Security Strategy highlighting N.K. threat
-
(LEAD) 14 injured as escalator reverses at Sunae Station in Bundang
-
S. Korea expresses 'stern' protest to China, Russia over air defense zone incursion
-
(3rd LD) S. Korea wins seat on U.N. Security Council for 2024-25
-
Seoul's annual LGBTQ festival to take place in Euljiro on July 1