[Asia Economy Reporter Lee Ji-eun] As part of his tour of the Middle East and North Africa, President Moon Jae-in, who is on an official visit to Egypt, held a summit meeting with Egyptian President Abdel Fattah al-Sisi on the morning of the 20th. At this meeting, the two countries agreed to strengthen cooperation by laying the groundwork for the Korea-Egypt Free Trade Agreement (FTA) and newly setting a $1 billion limit for the Economic Development Cooperation Fund (EDCF) loans.
President Moon's visit to Egypt is the second ever by a Korean head of state and the first in 16 years since 2006.
Through the summit, President Moon and President al-Sisi evaluated the achievements of cooperation since the establishment of the comprehensive cooperative partnership between the two countries in March 2016 and agreed to jointly work to expand trade and investment. They also regarded the signing of the 'Trade and Economic Partnership Joint Research Memorandum of Understanding (MOU)' during this summit as laying the foundation for the future conclusion of the Korea-Egypt FTA, and agreed to expand bilateral cooperation focusing on infrastructure projects such as the 'Luxor-High Dam Railway Modernization Project.'
In this regard, President al-Sisi expressed gratitude for the Korean government’s new setting of a $1 billion EDCF loan limit for Egypt over the next five years (2022?2026). President Moon requested Egypt’s support for the bid to host the 2030 World Expo in Busan, and President al-Sisi confirmed Egypt’s continued support for the Korean Peninsula peace process.
Immediately after the summit, President Moon stated in a joint press conference, "Our two leaders confirmed that the 'comprehensive cooperative partnership' between our two countries has brought mutually beneficial gains to both sides, and agreed to strengthen sustainable, future-oriented cooperation," adding, "I hope Korea and Egypt will move forward more vigorously toward a future of prosperity and development together."
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Additionally, they agreed to work on ▲ expanding mutually beneficial cooperation ▲ strengthening sustainable development partnerships ▲ cooperating to overcome the climate crisis ▲ expanding human and cultural exchanges, and to jointly strive for the finalization of the K9 self-propelled howitzer contract. President Moon said, "Our two leaders agreed that the ongoing K9 self-propelled howitzer contract is a result of defense cooperation based on mutual trust between the two countries, that the K9 will greatly contribute to enhancing the Egyptian military’s capabilities, and that it will be a representative success case of win-win cooperation between Korea and Egypt through technology cooperation and local production."
President Moon expressed gratitude, saying, "President al-Sisi, based on his mediation experience contributing to peace and stability in the Middle East, agreed on the necessity of North Korea’s prompt return to dialogue and supported my and our government’s position for substantial progress in the Korean Peninsula peace process."
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