The Minister of Communications and Information Technology Amr Talaat has witnessed the signing of a Memorandum of Understanding (MoU) between the Information Technology Industry Development Agency (ITIDA) and Valeo on expanding the latter’s investments and operations in Egypt.
The signing ceremony was attended by President of the Comfort and Driving Assistance Systems Business Group at Valeo Marc Vrecko.
According to the MoU, Valeo will expand its operations in Egypt, increase its exports of software services and create additional job opportunities for more than 850 engineers in Valeo Internal Automotive Software Center (VIAS) in Egypt. Such opportunities are directed towards export activities for Valeo’s customers abroad.
The MoU stipulates that ITIDA and Valeo will cooperate in building calibers’ capabilities by providing specialized training in software and electronics. This is in addition to creating job opportunities for trainees as part of Valeo’s efforts to expand its operations in Egypt.
The MoU was signed by ITIDA CEO Amr Mahfouz and Valeo Egypt General Manager and Group Technical Center Vice President Tamer Aly.
The ICT Minister declared that Valeo’s interest in expanding its operations in Egypt reflects the ICT sector’s strong appeal to foreign investors and the availability of Egyptian calibers capable of innovating and leading development. He highlighted Egypt’s keenness to enhance its position in providing value-added IT and offshoring services, especially as it retained the top spot in this field.
The ICT Minister referred to the efforts of the Ministry of Communications and Information Technology (MCIT) to develop the technical skills of youth, especially in various IT technology majors, to contribute to providing digital capabilities for global companies in Egypt. This is in addition to providing investment incentives and facilities for global companies to create an environment conducive to investment.
Mahfouz indicated that in light of MCIT interest and directives to encourage and attract foreign investments in value-added IT services, ITIDA is enhancing Egypt’s competitiveness in these fields. This is along with providing support and developing talents in embedded systems and electronics design within the framework of Digital Egypt Strategy for Offshoring Industry 2022-2026. The Strategy is aimed to triple revenues from digital exports.
In his remarks, Vrecko emphasized that Valeo is pleased to be one of the first companies to support IT in Egypt. He pointed out that Egypt has innovative talents who can build a bright future in technology.
Aly pointed out that Valeo Egypt is continually growing and strongly contributing to Valeo Group’s strategy of creating a new era in the automotive technology that completely depends on Artificial Intelligence (AI) and software.
VIAS includes about 2,500 Egyptian engineers working on software engineering development in embedded systems, electronics design, smart mobility, and autonomous driving for Valeo’s customers, including providing a full range of all Valeo products to its customers worldwide.
Following signing the MoU, Talaat visited VIAS, Valeo Group’s largest software development center, which produces about 60% of Valeo’s total software production. VIAS carries out about 250 projects annually for Valeo’s customers in France, Germany, America, China, Japan, and other countries.
During his tour, the ICT Minister reviewed the latest innovations of Valeo Egypt in software, including “Car Lab,” which includes state-of-the-art innovations in promoting smart mobility. He met with young engineers who presented the technology used in automotive software and their continuous efforts to develop this technology. Furthermore, they contributed to developing the automotive industry worldwide.
Talaat commended the technological solutions innovated by the Egyptian youth working at VIAS on promoting smart mobility systems and developing car software using AI applications. He stressed that Egypt boasts creative Egyptian youth who are highly qualified and capable of exporting value-added services and competing in the regional and global markets.