Ministers of Transportation and Planning witnessed on Wednesday the signing of a Memorandum of Understanding (MoU) between Hyundai Rotem, and NERIC (National Egyptian Railway Industries Company).
The signing ceremony was attended by Jin-Wook Hong, Ambassador of the Republic of Korea to Egypt, Kamel al-Wazir, Minister of Transportation, and Hala Helmy Elsaid, Minister of Planning.
This step opens a new era of cooperation between Korea and Egypt in the transportation area including railways and metros.
The MOU, a result of yesterday’s discussion between Abdel Fattah Al-Sisi, President of Egypt, and Mr. Yong-Bae Lee, Chairperson, and CEO of Hyundai Rotem will facilitate the joint cooperation between Hyundai Rotem and NERIC, aiming at localizing train industry and transferring technology.
Egypt‘s President Al-Sisi looked forward to establishing strategic cooperation with Korea especially in the heavy industries sector that depends on labor intensity and advanced technology for industrial localization and technology transfer, emphasizing that Korea is the role model of Egypt for economic development.
Ambassador Hong mentioned during the ceremony that this project is especially meaningful as it aims at exporting subway cars made in Egypt to the third countries as well as strengthening Egypt’s capability in the transportation infrastructure which Egyptian people use every day.
In addition, he expected that when the Korean President visits to Egypt in the near future, which was postponed due to COVID-19 Pandemic, it would be a good momentum for the two countries to deepen its strategic cooperation in various fields including energy, infrastructure, health, ICT and defend industries.
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