CAIRO – Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel el Wazir witnessed on Friday the inking of a memorandum of understanding between the Industrial Development Authority (IDA) and Siemens Company on developing manufacturing and local assembly of components and electric products with low and medium voltage in Egypt.
Wazir said that the inking comes within the framework of the keenness of the Ministry of Industry and Transport to localize the different industries in Egypt which is an important step to develop and localize the manufacturing of local components and electric products with low and medium voltage.
This memorandum of understanding contributes to improving the industrial capabilities in Egypt in this field.
This comes as part of a plan to turn Egypt into a regional center for industry and manufacturing in the Middle East and Africa, he said.
The MoU also contributes to expanding the range of industries with added value and technical components to meet the needs of the local market, Wazir said, pointing out that the ministry is looking forward to more cooperation with Siemens Company to establish several other factories to continue fruitful cooperation in the fields of transport and industry in addition to other fields.
Executive Director of Siemens in Egypt Moustafa el Bagouri said that the memo reflects the commitment of the company to Development of the industrial sector in Egypt, adding that the company invests in the future of the Egyptian industry and transferring knowledge as it is an important step towards achieving sustainable growth and technological progress in Egypt.
