South Korea, Egypt in talks for K9News export deal
South Korea and Egypt are negotiating to export Seoul’s K-9 Thunder self-propelled howitzers to Cairo.
After a summit with his Egyptian counterpart, Abdel Fattah El-Sisi, on Thursday, President Moon Jae-in said the two sides were working towards a final conclusion.
There are questions whether a deal could be reached before President Moon ends his three-day visit on Friday.
“We agreed that an agreement on K-9 howitzers is an achievement of defense cooperation based on mutual trust between the two nations. The K-9 self-propelled artillery would go a long way in enhancing the power of the Egyptian army.We share the understanding that it could become a successful case of technological cooperation and local production.
The leaders also agreed on a joint feasibility study for a bilateral free trade agreement to expand their scope of cooperation in forward-looking and sustainable areas based on their comprehensive cooperative partnership.
If signed, it would be South Korea’s first FTA with an African nation.
“Egypt’s development potential is endless thanks to its vast network of FTZs, young population and abundant resources.
South Korea has also pledged US$1 billion through the Economic Development Cooperation Fund, which provides low-interest loans.
It will be used to finance various projects, such as the expansion of transport infrastructure in Egypt.
The two sides signed memorandums of understanding under which South Korea will join Egypt’s Luxor-High Dam railway modernization project while another calls for cooperation in the eco-friendly mobility sector. ‘environment.
“South Korea will share its development experience and contribute to efforts to develop infrastructure related to transport and water resources in Egypt.
To mark his visit, President Moon also gave a written interview to one of Egypt’s daily newspapers, Al-Ahram.
He said he is optimistic about working with Egypt to increase mutual benefits, saying Seoul and Cairo are hubs for entering the Asian and African markets respectively.
President Moon also called on Egypt to support the Korean Peninsula peace process.
Considering the current situation, President Moon said it will not be easy, as the path to peace has not yet been institutionalized.
However, he promised sincere efforts until the end of his mandate in May.
President Moon’s visit to Egypt is the first by a South Korean leader in 16 years.
It’s the last leg of his week-long tour that has also taken him to Saudi Arabia and the United Arab Emirates.
“President Moon said Egypt’s future is bright, hoping Seoul can stand with Cairo to open a new chapter of bilateral cooperation. He expressed hope that the two countries can take their relations to a new level. another level when they mark 30 years of diplomatic relations in 2025. Kim Min-ji, Arirang News. Cairo.