President Lee: Korea and Egypt Upgrade Ties to ‘Strategic Partnership,’ Launch CEPA Talks

[Financial News] President Lee Jae Myung held summit talks at Cheong Wa Dae on the 8th with Egyptian President Abdel Fattah el-Sisi, who was visiting South Korea on a state visit. The two countries officially announced that they would upgrade bilateral ties to a “strategic partnership” and launch negotiations for a Comprehensive Economic Partnership Agreement (CEPA). CEPA is a type of Free Trade Agreement (FTA). They also agreed to broaden cooperation in shipbuilding, clean energy, the defense industry and advanced technology.
At a joint press briefing following the summit, President Lee said, “In Seoul, we issued a joint statement upgrading bilateral ties to a strategic partnership and agreed to turn the agreements reached so far into tangible results that the people of both countries can feel.” He added, “The two countries achieved meaningful results in five major areas and signed and revised a total of 12 cooperation documents.”
The two countries first agreed to move ahead in earnest with CEPA negotiations to lay the institutional groundwork for economic cooperation. They had agreed last year to pursue the agreement, and used this summit to officially launch negotiations. President Lee emphasized, “I hope this agreement will be concluded swiftly and provide a solid foundation not only for trade and investment between the two countries but also for expanding economic cooperation across a wide range of fields.”
The two countries also strengthened institutional cooperation to support their companies’ business activities. President Lee said, “South Korea is the first Asian country to have concluded a social security agreement with Egypt. By easing the burden on workers posted by the two countries of paying pension insurance contributions twice, we expect to further promote companies’ reciprocal expansion and economic activities.”
The summit at Cheong Wa Dae that day proceeded in the following order: an official welcoming ceremony, a small-group meeting, an expanded meeting, a ceremony to sign agreements and memorandums of understanding (MOUs), and a joint press briefing.
The two countries signed 12 cooperation documents in connection with the summit, with shipbuilding, energy and information and communications technology (ICT) among the notable areas. They signed an MOU on shipbuilding cooperation and agreed to expand cooperation to develop Egypt’s eco-friendly shipbuilding industry, drawing on South Korea’s shipbuilding expertise.
They also signed MOUs on clean energy cooperation and power infrastructure cooperation. The two countries will work together on the energy transition, stable power supply and stronger energy security. They will also broaden cooperation in digital fields, including artificial intelligence (AI), high-speed internet and cybersecurity, based on an MOU on ICT cooperation.
The two countries also agreed to expand cooperation in the defense industry and other fields. President Lee said, “The two countries agreed to expand defense and defense industry cooperation,” adding, “President el-Sisi and I agreed that the joint production of K9 self-propelled howitzers has become a successful model of defense industry cooperation between our countries.”
The two countries will also strengthen cooperation in culture and education. They agreed to designate next year as the Year of Korea-Egypt Mutual Cultural Exchange and promote exchanges between their peoples. The Grand Egyptian Museum signed separate cooperation MOUs with the National Museum of Korea and the National Agricultural Museum of Korea.
The two leaders also agreed to coordinate diplomatically to promote peace and stability on the Korean Peninsula and in the Middle East. They worked to bring about an early restoration of peace in the Middle East, including the Gaza Strip, while reaffirming the importance of the smooth flow of international maritime logistics and the free and safe passage of vessels. President Lee also noted, “I explained our government’s vision for peaceful coexistence on the Korean Peninsula and conveyed our firm belief that building a peace that makes fighting unnecessary is the surest and strongest security.” He added, “President el-Sisi highly praised our government’s efforts to create conditions for dialogue and cooperation and expressed his full support.”
President el-Sisi responded, “Upgrading bilateral ties is essential to harnessing the two countries’ tremendous potential and realizing our shared interests.” He added, “Egypt greatly admires and highly values South Korea’s experience in industrial and technological development.”
Meanwhile, President Lee extended special honors to President el-Sisi, who was visiting South Korea for the first time in 10 years. Arrangements for the state visit included an air escort by FA-50s, a welcome video displayed on large screens along Sejong-daero, and media façade displays at Lotte Tower and Namsan Seoul Tower. Lee also presented him with a premium road bicycle from a South Korean company, taking into account President el-Sisi’s hobby of cycling.
[email protected] Choi Jong-geun, Seong Seok-woo Reporter