KITA discusses strategies of cooperation 

in the renewable energy sector with Egypt

KITA hosts a briefing session on Korea - Egypt energy cooperation and strategy

Professor Moamen Gouda from the Graduate School of International and Area Studies at Hankook University of Foreign Studies is delivering a presentation on “The prospect of the economic feasibility of Egypt’s renewable energy and challenges.”

The Korea International Trade Association, the Graduate School of International and Area Studies at Hankook University of Foreign Studies and the Korea - Arab Society co-hosted a “Briefing session on Korea - Egypt energy cooperation and strategy” on June 15 at the Trade Tower in Samseong-dong. This session was organized with an aim to encourage Korean companies to expand their business into the Egyptian green energy market. More than 80 people, including Gwan-seop Lee, the Vice President of KITA, Khaled Abdelrahman Hassan Abdelrahman, the Egyptian ambassador to Korea, Young-sam Ma, the Secretary-General of the Korea - Arab Society, Professor Moamen Gouda from the Graduate School of International and Area Studies at Hankook University of Foreign Studies and entrepreneurs seeking opportunities to launch new business operations in Egypt participated in the event.

Gwan-seop Lee, the Vice President of KITA, “Today’s briefing session that centers on bilateral cooperation in the energy sector carries significance as Egypt is the nation that holds the presidency of the 27^th United Nations Climate Change Conference (COP27), which will be held later this year” and added, “We hope the robust bilateral cooperation will expand from the energy sector into emerging industry sectors as well.”

Followed by a presentation on possible avenues for bilateral cooperation in the green energy sector delivered by Sang-hyeong Seo, a senior researcher at Posco Research Institute, Song-hyeon Son, an Africa & Middle East Team research specialist at the Korea Institute for International Economic Policy (KIEP) delivered another presentation on an outline of the Egyptian economy and the country’s energy policies. Specialist Seo pointed out, “Egypt is blessed with one of the most optimal conditions on Earth for solar power generation as the country can harness 2,000 to 3,200 kWh of direct solar radiation energy per square meter a year on average” and added, “Egypt also has a high potential in the field of wind power energy production as the region near the Gulf of Suez boasts wind speed of up to 10.5m per second on average.”

Specialist Seo highlighted, “Egypt offers an advantage of local production and exports as the country already secured FTAs with multiple countries in various regions, including the Arab region, Europe, Africa and South America.” He also anticipated, “Egypt’s demand for renewable energy equipment and parts will increase as Egypt's New & Renewable Energy Authority set a target to boost the share of renewable energy in their energy mix to 42% by year 2035.”