Cairo- A MEMORANDUM of Understanding (MoU) between Egyptian Ministry of Transport, Ministry of Planning, Hyundai Rotem and the National Egyptian Railway Industries Company (NERIC) was signed Wednesday.
Jin-wook Hong, Ambassador of the Republic of Korea (RoK) to Egypt, Minister of Transport Kamel el-Wazir and Minister of Planning Hala el-Saeed attended the signing ceremony.
The MoU, which opens a new era of co-operation between Korea and Egypt in railways and urban railway networks, is a result of recent discussions between President Abdel Fattah El Sisi and Yong- Bae Lee, chairman and CEO of Hyundai Rotem to facilitate co-operation between Hyundai Rotem and NERIC, aimed at localising rail technology.
The government was looking forward to establishing strategic co-operation with Korea especially in the heavy industry sector, which depends on advanced technology for industrial localisation, el-Wazir
He stressed that Korea is the role-model of Egypt for economic development.
Ambassador Hong said that the protocol is crucial to exporting subway cars made in Egypt to third countries as well as strengthening transport infrastructure in Egypt.
The Korean envoy said that the Korean president was looking forward to visiting Cairo in the near future to deepen bilateral strategic co-operation in various fields including energy, infrastructure, health, ICT
and heavy industry.