Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

AOI, Hungary’s Tungsram Ink Cooperation Protocol


Wed 18 Sep 2019 | 04:14 PM
NaDa Mustafa

Chairman of Arab Organization for Industrialization (AOI), Lt. Gen. Abdel Moneim al-Taras has witnessed on Wednesday the inking of a cooperation protocol between AOI and Hungary’s Tungsram group.

The signing ceremony was attended by Dr. Peter Kivik, the Hungarian Ambassador to Egypt, Aledko Sigi, the Hungarian Chancellor for Foreign Cooperation, and CEO of Tungsram Group Mr. Jörg Bauer, head of the Egyptian-Hungarian Joint Business Committee.

This cooperation agreement comes within the framework of the implementation of President Abdel Fattah El-Sisi's directives to transfer and localize technology, deepen the domestic manufacturing of energy-saving lighting equipment and increase value-added through partnership and cooperation with global companies in order to promote the national economy, as well as increasing investment opportunities in Egypt.

In this regard, it was agreed to start the executive steps of the partnership and to localize manufacturing modern lighting systems technology, such as LED lamps, and smart lighting solutions for cities, buildings, and means of transport, according to Al-Taras.

On his part, Kivik said that cooperation with AOI is an important step for the localization of technology in Egypt,  the African and the Middle East regions, pointing out that there are many indicators reflecting the existence of promising opportunities for the establishment of an industrial partnership between the two sides in various manufacturing fields.

He added that the Egyptian market is promising and of strategic importance for the Arab and African region, praising the great efforts exerted by President Sisi to preserve stability in Egypt and create an attractive investment environment.

On the other hand, Bauer hailed the advanced manufacturing capabilities of the AOI and its plans to deepen local manufacturing as well as its participation in many development projects in Egypt and the Arab and African region.

“We are looking forward to cooperating and taking advantage of the AOI advanced industrial base to meet the growing demand of energy-saving equipment for smart cities, roads, the new administrative capital in addition to various development projects in Egypt,” he confirmed.