MoU signed with 2 companies to localize advanced technologies: Military production ministry

Egyptian State Minister for Military Production Mohamed Morsi witnessed the signing ceremony of a memorandum of understanding (MoU) between the National Authority For Military Production and the Octa International and Aluminum Products Company Ltd. (ALUPCO), an affiliate to Saudi Olyan group.

The signing ceremony was also attended by Saudi Ambassador to Egypt Osama al- Noqali.

The agreement came in light of the distinguished ties binding Egypt and Saudi Arabia, said the minister.

Under the agreement, the Military Production Ministry along with the Octa International and the ALUPCO will establish a factory to manufacture aluminum products to be used in construction sectors, along with producing high-quality products, added the minister.

The National Authority For Military Production will provide the needed labor for the operation and the plot of land that will be designated to establish the factory, he further said.

Talking about the close co-operation between Octa International, the minister pointed out that the foreign direct investment with this company hits LE500 million, pointing out to the company’s pivotal role in deepening local industrialisation in the aluminum industry.

Morsi, meanwhile, affirmed keenness on holding co-operation with the various private sectors’ companies, voicing interest in maintaining co-operation with the Saudi side in the different manufacturing fields.

The minister further said that the ambitious economic programme undertaken by the government has made Egypt more resilient in the face of global economic shocks.

The Saudi ambassador, for his part, hailed the crucial role played by the Military Production Ministry in boosting investments in Egypt.

Egypt is rendered such an attractive investment hub, despite the current global economic challenges, added the ambassador.

The Saudi companies are keen on enhancing the partnership with the Egyptian side, especially the Military Production Ministry, he added.

Lauding Egyptian-Saudi close ties, the ambassador also said he is proud of the close and extended relations with Egypt.