The Ministry of Transport signed a memorandum of understanding with the South Korean government, represented by the South Korean company STX to develop the port of Gargoub port and its industrial logistics zone by creating an economic zone.

The Minister of Transport, Kamel Al Wazir explained that the Gargoub Port Company will equip, manage, operate and maintain the Gargoub sea port in terms of docks and infrastructure in accordance with the standard technical specifications and STX will present a feasibility study for the Gargoub Port development project in all its stages.

The Gargoub Economic Zone is considered a model for establishing an integrated economic, commercial, and urban logistical center that contributes to supporting the Egyptian economy and boosting the trade movement between Egypt, Europe, the Mediterranean basin countries, and African countries.

The signing comes within the framework of President El Sisi’s directions to make Egypt a global hub for trade and logistics and within the framework of implementing the government’s strategic plan to develop the Matrouh region.

The total amount of investment of Korean companies is $845 million as of June 2023 and almost 40 Korean companies are actively operating in Egypt.