Egypt proposes dedicated industrial zone for Korean firms along Suez Canal

By Chang Dong-woo

SEOUL, June 2 (Yonhap) -- Egypt's top diplomat on Tuesday proposed South Korean companies establish a dedicated industrial zone along the Suez Canal by expanding investment in the country, noting that if realized, it would help job creations and raise Korean firms' market access.

In a group interview with South Korean media outlets in Seoul, Egyptian Foreign Minister Badr Abdelatty said Cairo is seeking deeper economic cooperation with South Korea and aims to attract more Korean manufacturers to the Suez Canal Economic Zone, touting the country's strategic location as a gateway to African, Arab and European markets.

"Our main focus now is how to convince Korean companies to come and to triple its investment in Egypt, because it's worth it, and especially to create a Korean industrial zone on the Suez Canal economic zone, that's extremely important," the minister said in the interview held at the Egyptian Embassy.

Abdelatty is one of over 50 foreign ministers and senior diplomats from African nations who participated in the Korea-Africa Foreign Ministers' Meeting held Monday in Seoul. The officials agreed to strengthen economic and strategic cooperation, and welcomed Seoul's proposal to convene a Korea-Africa summit in 2029.

According to the minister, Egypt views the proposed Korean industrial zone as a mutually beneficial initiative that would help create jobs while giving South Korean firms access to a broader market through Egypt's extensive network of free trade agreements (FTAs) with African, Arab and European partners.

He pointed to the presence of South Korean companies, including Samsung Electronics Co. and LG Electronics Inc., in Egypt and said the two countries should expand cooperation in manufacturing, shipbuilding, artificial intelligence, digital transformation, renewable energy and logistics.

The minister also stressed that African countries are seeking technology transfer, vocational training and industrial localization as they pursue joint economic development and job creation.

"We need more cooperation with the Republic of Korea, especially with regard in not only implementing projects, but transferring know-how, transferring technology and also creating more skillful labor in Africa through vocational training and technical assistance," the minister said.

Abdelatty also called for diplomacy to help ease the current geopolitical instability in the Middle East, underscoring the importance of preserving freedom of navigation in key maritime routes, including the Red Sea and the Strait of Hormuz.

He said Egypt has been working with neighboring Arab and African countries bordering the Red Sea to strengthen regional cooperation aimed at safeguarding maritime security and commercial shipping.

"We must talk, we must to find peaceful solution, because military escalation is very bad. It has negative impact on the security and the stability and the freedom of navigation," he said, adding that Egypt is of the view that "there is no military solution to any of the current crisis."

Asked about North Korea's nuclear weapons program, Abdelatty reaffirmed Egypt's opposition to nuclear proliferation and emphasized the need for all countries to abide by international nonproliferation norms.

"Again we are against, and this is our steadfast position against the nuclear proliferation," the minister said, while stressing that no nation should remain outside international verification mechanisms overseen by the International Atomic Energy Agency.

The minister also praised what he described as South Korea's "very wise policies" in addressing tensions on the Korean Peninsula, saying diplomacy and de-escalation remain the best way to resolve regional security challenges.

When asked about Egypt's role in mediation efforts in regional conflicts, Abdelatty cited Cairo's ties with major powers, including the United States, China and Russia, saying Egypt seeks to maintain balanced relations while pursuing diplomatic solutions.

"We have very good relationship with everybody, and we don't have a hidden agenda. Our agenda is very clear: de-escalation, peaceful coexistence and promoting of peaceful solutions," he said.