Following a summit with Egyptian President Abdel Fattah el-Sisi, who is on a state visit to South Korea, President Lee Jae-myung announced that the two nations have upgraded their bilateral ties to a "strategic partnership" and launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA).

During a joint press conference held at Cheong Wa Dae following the summit with President el-Sisi today (October 8), President Lee stated, "Following our agreement last year to pursue a Korea-Egypt Comprehensive Economic Partnership Agreement (CEPA), the two countries have today officially declared the launch of negotiations for this agreement."

He added, "I hope this agreement will be concluded swiftly going forward, laying a solid foundation to expand economic cooperation across a wide range of sectors, as well as bilateral trade and investment."

President Lee also remarked, "President el-Sisi and I today released a joint statement upgrading bilateral relations to a 'strategic partnership,' and agreed to translate past agreements into tangible outcomes that the peoples of both nations can feel."

The two nations signed memorandums of understanding (MOUs) on cooperation in shipbuilding, clean energy, and power infrastructure, among other areas.

In addition, regarding cooperation in defense and the arms industry, the two leaders assessed the joint production of K-9 self-propelled howitzers between South Korea and Egypt as a "successful defense industry cooperation model" and agreed to advance future defense cooperation into a mutually beneficial partnership.

Furthermore, South Korea became the first Asian country to sign a social security agreement with Egypt, easing the burden of dual pension contributions for dispatched workers from both countries, and announced that next year has been designated as the "Korea-Egypt Year of Mutual Cultural Exchange" to promote people-to-people exchanges.

The two leaders also discussed peace and stability in the international community, including the Korean Peninsula and the Middle East.

President Lee said, "Both countries agreed to continue working toward the prompt restoration of peace and stability in the Middle East," adding, "We reaffirmed the importance of the smooth flow of international maritime logistics and the free and safe navigation of all vessels."

He continued, "I explained our government's vision for peaceful coexistence on the Korean Peninsula and shared our firm philosophy that creating a peace where there is no need to fight is the surest and strongest security," noting, "President el-Sisi spoke highly of our government's efforts to foster conditions for dialogue and cooperation and expressed his full support."

(Photo: Yonhap News)