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Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, received Han Hwa Jin, Korean Minister of Environment, and her accompanying delegation, to discuss ways to support and enhance cooperation with the Egyptian electricity and renewable energy sector and increase investment opportunities in Egypt.
Dr. Shaker welcomed the Korean Minister of Environment at the beginning of the meeting and praised the distinguished relations between Egypt and Korea in many different aspects of cooperation. He also praised the distinguished relations between the Egyptian electricity sector and renewable energy and Korean companies. Electricity sector projects, which are represented in production stations, transmission and distribution networks.
Shaker reviewed the achievements that the electricity and renewable energy sector had succeeded in achieving, stressing the interest that the sector attaches to spreading the uses of renewable energies. He pointed to the great challenges that Egypt faced in providing energy to the local market during a previous stage, and the efforts made by the Egyptian electricity sector to secure and sustain the supply of electrical energy to meet the requirements of development.
Dr. Shaker stressed the interest given by the sector to spread the uses of renewable energies and reduce carbon emissions.
He referred to the state’s strategy, which aims to increase the contribution of renewable energy in the electrical energy mix, and the attention that the electricity and renewable energy sector attaches to diversifying the sources of electric energy production and benefiting from Egypt’s natural resources, especially new and renewable energy sources, which aims to reach the percentage of the contribution of renewable energy to the energy mix in Egypt to 42% by 2035, and it is possible to reach this percentage by 2030.
He pointed to Egypt’s clear richness in renewable energy sources, especially wind and solar energy, which qualifies it to be one of the largest producers of renewable energy. Where Egypt can theoretically produce approximately 350 gigawatts from wind and 650 gigawatts from the sun, and the current capacities are more than 6,000 megawatts.
He added that the sector has taken a number of important measures to take advantage of the huge potential of renewable energy according to a number of mechanisms to encourage the participation of the private sector in its projects. To enter into the sector’s projects, especially new and renewable energy projects
He pointed to the interest given by the Egyptian government to encourage investment in general and in particular in the field of renewable energy and green hydrogen, through providing a number of incentives and guarantees.
The minister referred to the great interest in localizing the industry of energy production requirements from renewable sources in Egypt, green hydrogen devices, solar cells and wind turbines
He stressed the interest of the Ministry of Electricity and Renewable Energy in the electrical interconnection, and reviewed the procedures that have been taken to complete the interconnection line with Europe through marine cables, indicating that there are discussions with international investors and major companies to implement the interconnection line to take advantage of the current and future large capacities of renewable energies.
Han Hwa-jin, Korean Minister of the Environment, praised the depth of the Egyptian-Korean relations, expressing her country’s desire to support and strengthen these relations, and its desire to cooperate with the ministry in renewable energy and green hydrogen projects.
She also praised the achievements that the Egyptian electricity and renewable energy sector succeeded in achieving in a short period of time. She expressed her aspiration to cooperate with the Egyptian electricity sector, exchange experiences and increase the volume of cooperation, as there are large investment areas for Korean companies to enter to invest in Egypt, which is a gateway to entering the African continent.
