Korea-Saudi-Egypt Diplomatic Talks... Expansion of Support for Korean Companies

[Asia Economy Reporter Lee Ji-eun] Saudi Arabia and Egypt have decided to significantly expand cooperation with Korean companies.

According to the Ministry of Foreign Affairs on the 24th, Foreign Minister Chung Eui-yong held separate talks on the 23rd (local time) in New York, USA, with Faisal bin Farhan Al Saud, Saudi Arabia's Foreign Minister, and Sameh Shoukry, Egypt's Foreign Minister.

During the meeting with Saudi Arabia, the two ministers agreed to promote high-level visits next year to mark the 60th anniversary of diplomatic relations and to expand exchanges and cooperation in various fields such as political affairs, economy, and culture.

In particular, they agreed that linking Saudi Arabia's 'Vision 2030' for diversification of the post-oil industry with Korea's 'Green New Deal' policy would create mutually beneficial outcomes and decided to identify practical cooperation projects. Korean companies will also cooperate to participate in Saudi Arabia's infrastructure development to continuously contribute to achieving the Vision 2030 goals.

Minister Chung also requested special attention and support for Korean companies operating in Egypt. He especially urged smooth progress for Korean companies involved in Egypt's infrastructure improvement projects.

The two ministers also agreed to continuously expand high-level exchanges, including at the presidential level, and shared the view that it is necessary to promptly sign a Memorandum of Understanding (MOU) on joint feasibility studies for a Free Trade Agreement (FTA) as a preliminary step to formally start FTA negotiations. Additionally, they agreed on the need to strengthen cooperation in the health sector between the two countries, including responses to the novel coronavirus disease (COVID-19).