South Korea's government approved the dispatch of an official delegation led by Minister of Oceans and Fisheries Yoo Ki-Yune to attend the inauguration of new Suez Canal project set for Thursday, Yonhap news agency reported.

The South Korean delegation includes high-level officials from the governing party, head of the naval affairs department and coordinator of the Middle East and North Africa affairs at the South Korean Ministry of Foreign Affairs.

Egypt will inaugurate the New Suez Canal on August 6, which will massively increase the capacity of the existing canal and offer an important chance to boost the country’s struggling economy.

Called the Suez Canal Corridor, the 72-kilometer new project involves a 37-kilometer new waterway and deepening and expansion of the existing 145-year-old Suez Canal along a 35-kilometer stretch.

The project, estimated to have cost about $8.5bn, aims at expanding the Suez Canal region's role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become a global hub due to its logistics and industrial services.

The new route will reduce navigation time from the current 22 to 11 hours. Both canals will be connected by four smaller waterways and together will continue to provide the fastest route for shipping between Europe and Asia.