MoU between IDA, Siemens to develop local manufacturing

Minister of Industry and Transport Kamel el-Wazir witnessed on Friday the inking of a memorandum of understanding (MoU) between the Industrial Development Authority (IDA) and Siemens Company. The memo is aimed at developing manufacturing and local assembly of components and electric products with low and medium voltage in Egypt.
Wazir said that the step comes within the framework of the state’s trend to localise different industries in Egypt.
This MoU contributes to improving the industrial capabilities in Egypt in this field. This comes as part of a plan to turn Egypt into a regional hub for industry and manufacturing in the Middle East and Africa, the minister said.
Executive Director of Siemens in Egypt Moustafa el- Bagouri said that the memo reflects the commitment of the company to developing industrial sector, 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 nationwide.