CAIRO - A SEMINAR that discussed the Korean model for development was held on Tuesday in the Faculty of Economy and Political Sciences, Cairo University. Korean Ambassador to Egypt Jong-kon Yoon and some of the faculty professors and students attended the seminar, which marked the 15th anniversary of full diplomatic ties between Egypt and South Korea. “Egypt and Korea have always had friendly co-operative relations that have been gradually cemented by the regularexchange of visits of both countries' decision-makers and officials,” said the Korean Ambassador in his speech during the seminar. “Our two countries' bilateral trade volume soared to $3 billion in 2009, up from only $200 million in the 1990s,” he added. Korea has become a part of the daily life of Egyptians, who are familiar not only with Korean products and commodities like cars and domestic appliances, but also Korean culture and traditions. As of 2009, Korea had invested around $300 million in 21 projects here. There are 24 Korean companies operating in Egypt, with factories or offices. Korean mother companies have chosen Egypt as a destination, because of its impressive human resources and potential as an exporting gate to the African continent and the Middle East region, according to some experts in the Korean economy, who attended the seminar. Korea started from the scratch after the Korean War in 1953, when it was one of the poorest countries in the world. “Korea, the country that owns zero natural resources and received huge loans in the 1950s, is an economic miracle. Last year, it was the world's 13th biggest economy,”said el-Sayyed Hani, Deputy Editorin-Chief of AlGomhuriane wspaper. “The Korean economy and industries have grown, passing through various stages including light industry in the 1960s, heavy industry in the 1970s, then semi-conductors, electronics and electrical industries in the 1990s andinformation technology in 2000,” Hani added. The attendants at the seminar included professor Hoda Metkees of the Centre for Research and Political Sciences, who talked about how Korea has dealt with globalisation, economically, politically and culturally. “Korean development has not only been economic or industrial. Korea has been careful to preserve its culture and heritage while introducing itself to the world,” explained prof. Metkees. “The Korean example gives us a hope, as it was one of the poorest countries in the 1960s, when it was known as the ‘Republic of Corruption', but now it is one of the richest countries, fighting corruption in all its guises,” she added. Metkees also stressed how Korea dealt with the global turndown in 1997, when it was forced to borrow from the International Monetary Fund but safely made it through this crisis.
