Seoul — South Korea and Egypt have upgraded their bilateral relations to a strategic partnership, South Korean President Lee Jae Myung said on Thursday, signalling a push to deepen cooperation between the two economies.
Lee made the announcement in opening remarks ahead of a summit with Egyptian President Abdel Fattah al-Sisi in Seoul.
The upgraded relationship is expected to provide a broader framework for cooperation in areas including trade, investment, infrastructure and economic development, as both countries seek to strengthen commercial ties.
Lee also said South Korea and Egypt should begin negotiations on a Comprehensive Economic Partnership Agreement (CEPA), which could further reduce trade barriers and create new opportunities for businesses and investors in both markets.
For Egypt, stronger economic ties with South Korea could support efforts to attract foreign investment, expand industrial partnerships and strengthen access to Asian markets. South Korea, meanwhile, could gain opportunities in Egypt's large consumer market and its strategic position as a gateway between Africa, the Middle East and Europe.
Source: Reuters
Reporting: Heejin Kim
Editing: Ed Davies
