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Thursday, 28 February 2019

Egypt, South Korea sign MoU to enhance investment relationship

Egypt and South Korea signed yesterday a MoU to enhance their investment relationship, the Investment Ministry said in a statement. The MoU aims to establish a framework to boost bilateral ties, exchange expertise and improve the business environment to accomplish development targets on both sides, the ministry said. The agreement came during a visit by an Egyptian delegation to the South Korean capital that kicked off earlier this week. Prime Minister Lee Nak-yeon said yesterday that South Korea is looking to boost economic ties with Egypt and cooperate with Cairo in the field of shipbuilding in the Suez Canal Economic Zone. During the visit, several companies including Hyundai Heavy Industries and Samsung Heavy Industries also expressed their interest in increasing investment in Egypt.

President Abdel Fattah El Sisi met yesterday with Albanian President Ilir Meta to discuss economic and political ties, as well as regional affairs, the State Information Service (SIS) said in a statement. The visit marked Meta’s first visit to Egypt since he took office. The two countries agreed to form a committee to boost parliamentary ties and establish a business council.

Egyptian agricultural exports to Saudi Arabia will require pre-shipment testing and approval starting from March, according to Food Safety Authority head Hussein Mansour, reports Al Masry Al Youm. The move comes after the Saudi Food and Drug Authority (SFDA) banned several agricultural products last year due to concerns over high levels of pesticides.

Egypt’s foreign ministry has accused Turkey of “showing hatred” in an official statement. The ministry condemned President Erdogan’s “continued embrace of the terrorist Brotherhood group,” in response to accusations of EU “hypocrisy” for attending this week’s Sharm conference.

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