President Abdel Fattah El Sisi stressed that the principle of localising industry and transferring technology to Egypt was one of the country’s priorities in co-operation efforts with global partners and a preferential factor in contracts for carrying out industrial projects, especially as Egypt now possesses all the elements of industry localisation and the transfer of advanced technology with the largest possible percentage of local components.
The president’s remarks came during his meeting with Yong-Bae Lee, President and CEO, Hyundai-Rotem Co Ltd, Presidency Spokesman Ambassador Bassam Radi said. The meeting was attended by a host of ministers and the S. Korean Ambassador in Cairo Hong Jin-wook.
During the meeting, the president emphasised the role of South Korea as an effective development partner. He noted in this respect that Egypt was looking forward to establishing strategic co-operation with the S. Korean company in many industrial fields, especially in the heavy industries sector that is labour intensive adopting advanced technology.
For his part, Mr Lee reviewed the projects Hyundai Rotem aspires to implement in Egypt during the next stage, including manufacturing underground carriages, signal systems, control and command equipment as well as railway engineering works.
He expressed his company’s willingness to take advantage of the promising opportunities offered by the Egyptian economy through many current or future development projects related to the activity and experience of the company.
The meeting also reviewed opportunities for joint co-operation in the field of energy, especially green hydrogen production, with a view to taking advantage of Egypt’s natural resources including new and renewable energy.
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